The chief executive officer of Siemens, Joe Kaeser, met Prime Minister Chung Hong-won, in Seoul, to discuss ways to bolster economic cooperation Monday.

Kaeser, who is in Korea on an official visit, mainly talked about the measures for creating new growth engines through technology innovation with the prime minister.

The two sides are said to have fine-tuned the details of operationalizing the joint task force created between Siemens and the Korean Trade Ministry aimed at bolstering the former’s investment here.

“Siemens has become Korea’s major economic cooperation partner since it first made a foray here in 1950s,” Chung said. “I expect further development of Korea and Siemens through our mutual cooperation.”

Kaeser and Chung also pledged to work together on President Park Geun-hye’s core national agenda “creative economy,” which was designed to revitalize the economy, viewing creativity and innovation as the key driving forces for the nation’s future growth.

Kaeser said his company, as the leader of “Industry 4.0,” which is the German version of creative economy, will contribute to accelerate Korean manufacturing industry’s convergence with information and communications technology and its competitiveness enhancement.

This is the first time the Siemens chief visited Korea since he was appointed as Siemens AG CEO last year. In January, he had talks with President Park on the sidelines of the 2014 World Economic Forum in Davos, Switzerland, where they pledged to forge a cooperative relationship.

“I expect the partnership between Siemens and Korea to be enhanced by expanding cooperation with Korean firms and utilizing talented manpower in Korea for pushing ahead research and development,” Kaeser said.

He added that Siemens’ Asia regional headquarters for Energy Solutions Business, which was established in Seoul last year, is showing the company’s commitment in the country.

The Siemens Energy Solutions Business Unit provides various solutions for the supply of power plants such as gas-fueled, combined cycle and coal-fired power plants, according to the company.

To improve business environment for foreign investment companies like Siemens, Chung said the government would put utmost effort to improve regulations and expand incentives for them.

The Korean government has persistently asked Siemens to expand its investment in its shipbuilding and offshore plant business, in which Korea holds a leading edge. Siemens too has shown an interest in oil and gas exploration.

“A great synergy can be created in the shipbuilding industry if Siemens’ cutting-edge technology and Korea’s experience in the sector were combined,” Chung said.

Currently, some 1,800 employees work at Siemens Korea, which saw 2.3 billion in revenue last year. In collaboration with Korean firms including GS EPS, POSCO Energy, POSCO E&C, GS E&C and KOSPO, the German company has provided its gas turbines and solutions to combined cycle gas-fired power plants in Dangjin, Asan, Andong, Daegu and Incheon.

By Park Han-na (hnpark@heraldcorp.com)