Busan City and the Korean-German Chamber of Commerce and Industry signed a memorandum of understanding aimed at attracting more investments by German companies to the port city.

Signed on March 8 by Busan Mayor Hur Nam-sik and Juergen Woehler, secretary general of KGCCI, the agreement seeks to resolve the challenges German companies face while operating in Busan.

“With more than 500 members, KGCCI is the second biggest foreign national chamber of commerce next to AMCHAM (American Chamber of Commerce). We hope the MOU with KGCCI will bring more and more German companies to Busan,” said Hur.

On the same day, Holger Krasmann, COO of the German industrial pump company WILO Group, also visited Busan to start a $30 million investment and to sign an MOU with Busan City.

WILO Korea is planning to relocate its factory from Gimhae, South Gyeongsang Province, to the Busan-Jinhae Free Economic Zone.