During a visit to South Korea, German Economy Minister Robert Habeck emphasized the shared objective of Germany and South Korea in diversifying away from China. He highlighted the importance of expanding raw material suppliers and decreasing dependence on vital products. Habeck’s visit marked the first leg of his Asia tour, with a planned stop in Beijing to address China’s relations with Russia and the impact of European Union tariffs on Chinese electric vehicles.
Habeck emphasized the similarities in economic policy between Germany and South Korea, both prioritizing trade and advocating for open markets. He expressed concern about protectionist tendencies and urged South Korea to cease work on LNG vessels for Russia, contracts that were agreed upon before Russia’s full-scale invasion of Ukraine in 2022. Habeck expressed optimism that these ships would not be delivered, citing the interests of countries imposing sanctions on Russia.
Habeck’s visit coincided with Russian President Vladimir Putin’s trip to North Korea, where the two countries signed a landmark military assistance pact. This deepening military cooperation between Russia and North Korea raised concerns in Washington and Seoul. Habeck expressed serious concerns about North Korea’s militarization and its collaboration with Russia to circumvent sanctions, sentiments echoed by South Korean Prime Minister Han Duck-soo.
Accompanied by a delegation of German small and medium enterprises from various sectors, Habeck began the day with a roundtable for companies. He noted that half of the companies already have a presence in South Korea, while the other half are exploring market opportunities and seeking to understand the South Korean business environment.
