South Korea is the partner country at EuroMold 2011, World Fair for Moldmaking and Tooling, Design and Application Development, which takes place from Nov. 29 - Dec. 2 at the Exhibition Center in Frankfurt / Main, Germany. Therefore, EuroMold dedicates itself to an emerging country that plays a significant industry role as an Asian industrial nation.
Next to the Korean companies the Korean research institutions and relevant trade associations will present themselves at EuroMold 2011. Additional opportunities for collaboration will be shown at the one-day FORUM KOREA.
Due to good worldwide economic relations, Korea has developed into a leading economic nation in Asia. An important market for Korea is Europe. Korean companies employ about 3,000 workers in Germany alone and large corporations have established branches mainly in the Rhine-Main area. Therefore, this area is considered the center of the Korean economy based in Europe.
Korea is Germany's third largest Asian trading partner after China and Japan, nevertheless, still well ahead of India. Korea is considered as one of the advanced industrial countries with a GDP per capita of $17,175 (2009) and also demonstrates a continuous high level of growth rates: 2010 GDP grew by 6.1%. The figures for the year 2011 and 2012 are expected to grow by 4.5% per annum.
Next to electrical and heavy industry, the automotive sector is an important economic factor in Korea. Last year exports have increased significantly in this area, however, also for the German manufacturers Korea is an interesting market. Especially the high-class models "made in Germany" are appealing in Korea and meet the high demand.
An important milestone in the relationship between Korea and Europe is the Free Trade Agreement, which will be introduced on July 1st, 2011. Relations with the EU, that has already become second largest trading partner of Korea after China, are further strengthened as a result of the agreement. For most of the exports from EU to Korea the customs will be void according to the Free Trade Agreement. Consequently the German machine engineering and plant engineering will benefit as well as other industry areas.
For further information please visit www.euromold.com
