On the occasion of the visit to South Korea of Frank-Walter Steinmeier, Foreign Minister of Germany, the Korean-German Chamber of Commerce and Industry (KGCCI) organized a special breakfast meeting on Monday, February 20, 2006 in cooperation with the German Embassy and the Federation of Korean Industries (FKI). The Foreign Minister was accompanied by a business delegation comprising representatives of small and medium- sized German enterprises specialized in the technology, energy and environmental sectors. The welcome address was given by Mr. Lee, Soo-Young, Chairman of the Korean-German Chamber and President of DC Chemical Co., Ltd. Mr. Lee highlighted the how were united by numerous common economic interests and the intense cooperation between Korea and Germany, reflected in the two states' trade volume of 20 billion US$. He also emphasized Germany's great importance as Korea's main trading partner outside the European Union. The Federation of Korean Industries (FKI) was represented by Chairman Kang, Shin-Ho who endorsed Lee's appeal for future close collaboration. By referring to projects in politics, culture, society and sports, Mr. Kang pointed out several other fields where cross-national cooperation has already proved successful. Subsequent to this introduction Foreign Minister Frank-Walter Steinmeier held his speech. He gave a short overview of German commitment in Korea. More than 200 German enterprises are based in Korea - the leading conglomerates as well as small and medium-sized enterprises. The Foreign Minister outlined Germany's role as the second largest investor in Korea and its determination not only to maintain but to further expand its presence in the Korean market. Mr. Steinmeier emphasised the rapid development Korea has gone through within the last 20 years resulting in its today's position its rise from a primarily agricultural oriented economy to become an economic power that ranks world's 11th. Hence this impressive performance he called for more active participation in the German market. Within the European Union, the worlds largest single market, Germany provides an excellent infrastructure and offers best conditions for research and development. He cited Samsung's withdrawal from Berlin as a rather unfortunate development. In order to be winners of globalisation, greater investment in research and development will be vital. Both countries will have to specialize on high quality products that stand out from the mass market. Besides economic and political issues both countries are eagerly awaiting the upcoming 2006 Football World Cup which will be held in Germany from June to July. Mr. Steinmeier stated that Germany is looking forward to welcoming all Korean fans to provide them with the same hospitality that Korea provided for Germany during the 2002 World Cup. The speech of Mr. Steinmeier was followed by a lively Q&A session, giving all members the chance to discuss current political and economical matters with the Minister.