The European Chamber of Commerce in Korea has elected Thilo Halter, chief executive of MAN Truck & Bus Korea, as its new chairman.

Halter will be flanked by a pair of co-vice chairmen that include BMW Korea’s chief finance officer and vice president Hans-Christian Baertels.

Formerly the EU Chamber of Commerce, the organization underwent a complete overhaul in September to register as a nonprofit organization with the Ministry of Knowledge and Economy.

Halter, as the new chairman, has pledged to lead the chamber in the proper direction, and said that he would embrace loyalty, transparency and cooperation as core guiding values.

The new head of the European chamber was elected amid prolonged fiscal hardship in the European region, which has had an impact on the global and domestic economy.

Halter said that he hopes to get through this rough patch by utilizing the free trade agreement between Korea and the European Union.

By Kim Ji-hyun (jemmie@heraldcorp.com)