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Germany, Economic relations to South Korea
Economic relations are close. Korea is the third largest market for German goods in Asia after the People's Republic of China and Japan. Germany remains the prime European trading partner with exports (plus 50%) and imports (plus 26%) last year rising above average. Also due to the strong euro, total bilateral trade in 2004 reached a record of about USD 17 billion, twice Indo-German trade. Germany is the second largest European investor in Korea, with total investments amounting to approx. USD 6 billion. About 200 German firms are engaged in South Korea. German and German-Korean enterprises employ over 100,000 Koreans. The firm Schott (Mainz) has recently announced a large-scale investment in Korea to supply parts for flat screens.