German ambassador advocates 'de-risking' at Global Biz Forum

The German ambassador to Korea, Georg Schmidt, addressed the need to pursue a "de-risking" strategy to protect the economy in the face of global uncertainties, at the Global Biz Forum in Seoul on Wednesday.

In his remarks, Schmidt recalled the perils of relying heavily on a single source, citing Germany's vulnerability caused by the Russia-Ukraine war, when gas supplies from Russia were disrupted.

Germany swiftly adapted by diversifying its sources, constructing LNG terminals and intensifying efforts in renewable energy, he said.

“It shows what we can do if we all work together in a crisis situation,” Schmidt stressed.

“What we're doing now is de-risking again. In business terms, we don't put all our eggs in one basket," said Schmidt.

"Let's be more careful, let's de-risk," he said to diversify in the face of China's economic slowdown, political challenges and complexities due to the competition between the US and China.

Meanwhile, he invited GBF CEOs to invest in Germany and utilize Germany's labor reforms, diverse human resources, economic strengths and the advanced technology of what he called its "hidden champions" -- small and medium-sized companies.

The event, attended by more than 100 Korean CEOs, politicians such as Seoul Mayor Oh Se-hoon, academics and university leaders, as well as the German ambassador, stressed the need to work together around the globe to navigate the uncertainties of the modern economic landscape and a resilient future in the global business arena.