Michael Grund, the head of chemical firm Merck Korea, said that maintaining strong partnerships with Korean firms was key to running a successful business here.

“We need reliable partners and we strongly believe in the power of partnership,” said the Merck Korea chief in a speech at the Half-Year Economy Outlook Conference 2015 hosted by the Korean-German Chamber of Commerce and Industry in Daegu on Thursday.

The meeting, attended by top executives of German firms operating in Korea and German government officials, aimed at discussing business practices in Korea and the economic outlooks of both Korea and Germany.

Citing collaboration between global car brands like Volkswagen and Hyundai Motor and their auto parts suppliers, he emphasized the German firm and its Korean partners were able to develop advanced technologies thanks to cooperation. 

Among the participants were Rolf Schester, deputy head of mission from the German Embassy in Seoul; Alexander Hirschle, Korean director at Germany Trade and Invest; Rochus Bergmann, president of Siemens Energy Solutions; and Shin Woo-sung, chairman of BASF Korea.

Merck currently focuses on three main business pillars -- health care, life science and performance materials.

The German firm established Merck Korea in 1989 and started its performance materials business in 2002. Its customers include Samsung Electronics, LG Electronics and Hyundai Motor Group.

By Kim Young-won  (wone0102@heraldcorp.com)