Incheon, South Korea, November 7, 2016 — To support strengthen relations and investment between Korea and German small and middle sized companies,
Mr. Tarik Al-Wazir (Ministry of Economics, Energy, Transport and Regional Development and Vice Minister-President, State of Hessen) and 35 delegation members of delegation from Hessen of Germany, where Merck’s headquarters at Darmstadt is located, visited M Lab™ Collaboration Center in Sondo district of Incheon on November 4. Merck Korea(Managing Director: Dr. Michael Grund), a leading science and technology company, inaugurated M Lab™ Collaboration Center to support and collaborate customers in Life Science Industry on October 6. This visit approved that M Lab will contribute to Songdo to become one of the fastest growing biotech hubs in Asia.
Trade and Investment: State of Hessen , Germany
The State of Hessen, in particular the Frankfurt Metropolitan Area, is the center of the Korean economy in Germany and in Europe. Merck Korea is one of subsidiaries of Merck KGaA who belongs to Hessen. Also, Hessen is well known that home to the largest Korean business community in Europe.
World-wide renowned Korean companies such as Samsung, Hyundai, Kia, LG Electronics, SK, Glovis Europe, Kumho Tire Europe and also the two major Korean airlines and the major Korean banks have established their German and European headquarters in Hessen or are represented with offices or Research and Development Centers. LG Electronics have just moved their European headquarters from London to Eschborn near Frankfurt
In 2015, the trading volume between Hessen and the Republic of Korea reached about € 2.6 billion. Exports from Hessen to Korea have risen to a maximum value of approx. € 1.2 billion, main exports being chemical / pharmaceutical products and Imports from Korea are mainly in the fields of vehicles / electronic products. Exports and Imports between Hessen and Korea are now almost balanced.