Business leaders from South Korea and China gathered in Seoul to renew their commitment to strengthen bilateral cooperation in the face of changing global economic dynamics. The meeting, organized by the Korea Chamber of Commerce and Industry (KCCI), marked the fourth such gathering since its inception in 2018 and brought together prominent figures from key conglomerates in both nations.
The Korean delegation, led by KCCI Chairman Chey Tae-won, included top executives from major companies such as Hyundai Motor Group, Samsung Electronics, SK Group, and LS Group. Yoo Il-ho, former strategy and finance minister, headed the Korean delegation, consisting of 16 parties.
On the Chinese side, Bi Jinquan, executive vice chairman of the China Center for International Economic Exchanges (CCIEE), led a delegation of 15 parties. Notable attendees from China included the heads of China Petrochemical Corp., China Huaneng Group, China Eastern Airlines, Fosun Pharma, and Luye Life Sciences Group.
During the meeting, Yoo emphasized the need for Korea and China to adapt to rapidly changing global economic environments and their increasing global influence. He urged both countries to explore innovative approaches to address emerging sectors, climate challenges, and digital commerce effectively.
Bi highlighted the potential for deeper cooperation in cutting-edge technologies, renewable energy vehicles, artificial intelligence, environmental sustainability, and public health. He also emphasized the importance of pioneering new markets in third countries and stabilizing supply chains as critical areas of collaboration.
The two delegations signed six terms of agreement, which encompassed cooperation in ensuring stable supply chains for parts and materials, advancing medical healthcare, pursuing carbon neutrality initiatives, and enhancing digital commerce. They also committed to finalizing pending matters related to the Korea-China Free Trade Agreement, including investment conditions, immigration regulations, and intellectual property protection. A joint research initiative on the synergies of the bilateral economic partnership was among the agreed-upon terms.
Chung Chul, vice-president of the Korea Institute for International Economic Policy and a member of the Korean delegation, stressed the need for a paradigm shift in the bilateral economic partnership, emphasizing the importance of transparency and reducing uncertainties in trade and investment.
Zhang Yansheng, a chief researcher from CCIEE, highlighted the significance of the “digital green transition” in future businesses and called for sustained cooperation between the two countries in promising sectors.
The next meeting is scheduled to be hosted by China in Beijing, according to the KCCI, underlining the commitment to continued collaboration and dialogue between Korean and Chinese business leaders.