Frankfurt: The Korea Trade-Investment Promotion Agency (KOTRA) said Wednesday it has hosted a cooperative event to explore collaboration between South Korean and German mobility tech firms this week in Frankfurt.
According to Yonhap News Agency, the event held on Tuesday brought together mobility tech industry representatives from the two countries to discuss the growing importance of the European automotive market amid global trade uncertainties. The gathering included representatives from 23 German automotive companies, such as Daimler Truck, Bosch, and Audi, alongside 45 Korean companies, which included several future mobility technology firms.
The event, co-hosted by Seoul's Ministry of Trade, Industry and Energy, was organized to assist Korean automakers and auto parts manufacturers in expanding their presence in Europe. This region has seen a rising demand for electric vehicles (EVs), a factor that KOTRA highlighted as a motive for the event.
Europe has recently become a crucial market for Korean carmakers, driven by an increase in EV demand and the effects of U.S. tariffs. In August, South Korean auto exports to the European Union surged 54 percent from the previous year, reaching US$790 million, supported by robust EV demand, according to government data.