German-Korean Partnership Strengthened by Photovoltaic Industry

Berlin (ots) - The photovoltaic (PV) industry is a pillar of the
strong German-Korean economic partnership, one that is expected to
strengthen as the Korean PV market expands. The strong cooperation
between the two nations will be a focus of this year's Green Energy
Expo 2009, the largest PV conference in Korea.

Germany is currently the global PV leader in terms of market,
capacity, and production, while Korea's market is reaping the
benefits of political support, increased trade, and heavy R&D. Korea
recently witnessed the opening of the world's largest PV power plant
in Shinan. At the same time, the Korean Government has committed USD
210 million to R&D of renewable energies.

This comes as welcome news, as the renewable energies sector is
expected to grow despite the global recession. Both countries have
shown a clear dedication to the further development of this industry.
David Wortmann, Director of Renewable Energies and Resources at
Germany Trade & Invest stresses, "The PV industry continues to be
quite resilient in the present economic climate. Germany and Korea
can both benefit from further cooperation in this sector, as the
current market is showing optimal conditions for investment in the
future."

The German government hopes to cut 270 million tons of CO2
emissions by 2030, a goal that has led to over EUR 10 billion (USD
1.37 billion) in direct investments in the industry and EUR 15
billion (USD 20.6 billion) in R&D. In 2007 the industry generated
over EUR 24.6 billion (USD 33.7 billion) in revenues and EUR 6
billion (USD 8.2 billion) in exports.

Korea's commitment to increase its supply of renewable energies to
nine percent in the same timeframe as Germany caused a dramatic
increase in the export revenues of solar modules and solar cell
components in 2008. Exports figures to Germany of solar modules alone
grew from USD 1 million to USD 59 million in less than one year.

Germany is Korea's most important European trading partner.
Roughly 35 percent of all EU-Korean trade is conducted with Germany.
Current economic conditions and the state of the PV market make Korea
an interesting market for German investment.

Progress is currently being made to further strengthen economic
ties between the two nations. Ongoing negotiations between the
European Union and Korea have come close to establishing a free trade
zone, which would pave the way for stronger ties in the PV industry.

Germany Trade & Invest will be at this year's Green Energy Expo
2009 in Daegu, Korea to inform companies of the investment potential
that the German PV market holds, as well as to advise German
companies that are interested in the Korean PV industry.

Germany Trade & Invest is the foreign trade and inward investment
promotion agency of the Federal Republic of Germany. The organization
advises and supports foreign companies seeking to expand into the
German market and assists companies established in Germany looking to
enter foreign markets. All inquiries are treated confidentially.

Originaltext: Germany Trade and Invest
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Media Contact:
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