2006 Economic Landscape EU seminar in Seoul highlights hightech products for niche markets creating new opportunities At a seminar organized by the Korean- German Chamber of Commerce and Industry on January 17, 2006, at the Millennium Hilton Hotel60 representatives of German companies in Korea, among them Bayer Korea Ltd., Commerzbank AG and Korea Illies Engineering discussed the economic outlook of Korea in 2006 and business prospects. "The year 2005 has been a successful year in Korean-German economic relations as Germany became the fourth main trading partner of Korea. With Korea's economy growing by an expected growth rate of remarkable 4.5 to 5.0% and Germany's economy gaining momentum this year, the foundation for further improvement is very strong." said Mr. Wolfgang Niedermark, Secretary General of the KGCCI. The participants at the seminar supported the positive assessment of Korea's economic growth in 2006 given by the Korean government and economic institutes. German businesses in Korea expect a positive development especially in the sectors where they are mostly doing business like automotive, shipbuilding, chemicals and pharmaceuticals and supply for the IT-sector. The textile industry in general is in decline due to the strong competition from low cost countries. German companies like suppliers of textile machinery will focus on high-tech products and find new niche markets. The future of Korea's economy is not mass production but quality production based on high technology. Therefore, German companies are the right partners with their state-of-the-art products and services.