Germany's machine tool industry, the world's second-largest machine tool manufacturing sector, showcased innovations in cutting-edge production technology at the Paradise Hotel Busan on July 3.
Following its previous visits in 2012 and 2015, the German Machine Tool Builders' Association (VDW) co-hosted a symposium with the Korean-German Chamber of Commerce and Industry (KGCCI) for a distinguished German delegation making its third visit to Korea. At this event, representatives from 14 German companies exclusively presented their German products for modern industrial production to Korean customers.
Barbara Zollmann, CEO of the Korean-German Chamber of Commerce and Industry, explained, "The Korean market is currently shifting from a fast follower to a fast leader. That is why demand for German technological know-how is very high among Korean manufacturers. Only high-quality production technology can pave the way to stay ahead in the international market." The Korean-German Chamber of Commerce and Industry is the cooperation partner of the German Machine Tool Builders' Association in hosting this symposium.
Klaus-Peter Kuhnmünch of the German Machine Tool Builders' Association explained the background of the event, saying, "Korea holds great appeal for our companies, as it is a growth market with an attractive automotive industry," and added, "We have come to Busan, Korea's second-largest industrial city. Busan is a city that produces one-quarter of Korea's gross domestic product (GDP), and it is precisely here that we want to convince Korean customers that we are the right partner to help strengthen their competitiveness."
Korea's machine tool market, valued at 3.4 billion euros, is in fact the sixth-largest in the world. Germany is the second-largest supplier after Japan, holding a 15% share. Last year, Germany delivered more than 2,000 units of equipment worth approximately 160 million euros to Korea.
German exports had already ranked fifth by the end of the first quarter of 2018, and orders from Korean customers rose 11% last year. The delivery portfolio reflects the high expectations of Korean customers. Major products include machining centers, laser technology, gear cutting machines, and grinding machines.