Lee and German Chancellor Merz Hold Summit; Business Chiefs, Including Chung Eui-sun, Turn Out in Force for Semiconductor and AI Cooperation

[Financial News] President Lee Jae-myung will meet with German Chancellor Friedrich Merz on the 29th to discuss ways to expand economic cooperation between the two countries, focusing on advanced industries such as semiconductors, artificial intelligence (AI) and batteries. The two sides also plan to broaden cooperation to include defense, the defense industry and energy, while giving a boost to private-sector economic exchanges through an official dinner attended by leading business figures.
Kang Yoo-jung, senior spokesperson for Cheong Wa Dae, said in a written briefing today that President Lee would hold a summit with Chancellor Merz, who is making an official visit to South Korea, at Cheong Wa Dae in the afternoon. A joint press statement and an official dinner will follow the talks.
This is Chancellor Merz’s first visit to South Korea since taking office. It is also the first bilateral visit to South Korea by a German chancellor in three years. The two leaders will meet again about four months after seeing each other at the G7 summit in France last June. It will be their third summit since Merz took office.
The key agenda for the summit is strengthening cooperation centered on economic security and future industries. Germany is South Korea’s largest trading partner in Europe, and the two countries are expected to focus on building stable supply chains in semiconductors, batteries and AI, and expanding cooperation on advanced technologies.
The two sides will also explore opportunities for cooperation in the energy industry, including renewable energy and power grids. They will discuss ways to improve institutional conditions so companies in both countries can conduct business more steadily. They are also expected to seek opportunities for joint cooperation in defense and the defense industry, and exchange views on the institutional foundations needed to support it on an ongoing basis.
The two leaders are also expected to share their views on the rapidly changing international situation. Attention will focus on whether the summit can help them identify common challenges in the economy and security and further strengthen coordination on major international issues.
An official dinner will be held at the Yeongbingwan State Guest House at Cheong Wa Dae after the summit. Around 60 people, including a German business delegation and leading Korean businesspeople, have been invited, and the event has been arranged on a scale comparable to a state banquet. A total of 52 businesspeople will attend: 23 from South Korea and 29 from Germany.
The South Korean attendees will include Jin-Shik Yun, chairman of the Korea International Trade Association (KITA), and Choi Jin-sik, chairman of the Korea Federation of Mid-sized Enterprises, as well as Hyundai Motor Company Chairman Chung Eui-sun, POSCO Chairman Chang In-hwa, Hyosung Group Chairman Cho Hyun-joon, HL Group Chairman Chung Mong-won and Hana Financial Group Chairman Ham Young-joo. Business leaders from the battery and defense sectors will also attend, including LG Energy Solution CEO Kim Dong-myung, Samsung SDI Co., Ltd. CEO Choi Joo-sun and Hanwha Aerospace CEO Lee Bu-hwan.
The German attendees will include Siemens CEO Roland Busch, BASF CEO Markus Kamieth, Deutsche Telekom CEO Timotheus Höttges, DHL Group CEO Tobias Meyer and Lufthansa CEO Carsten Spohr. Also on the list are Markus Diehl, owner of defense company Diehl Defence, and Michael Heckmeier, CEO of semiconductor materials company Siltronic.
The dinner menu will feature Korean dishes selected with German food culture in mind. Inspired by Germany’s culinary tradition of making generous use of pork and potatoes, the menu includes palace-style soy-glazed grilled Korean pork and a shredded potato pancake. Reflecting Chancellor Merz’s fondness for seafood, it will also feature grilled flounder with gochujang sauce and soybean paste soup with mallow and clams.
The gift President Lee will present to Chancellor Merz is a camping and hiking set from a Korean brand. It was chosen with the chancellor’s personal fondness for outdoor activities in mind. Cheong Wa Dae said the gesture of hospitality conveyed a desire to further develop relations between the two countries.
[email protected] Choi Jong-geun Reporter