Ministry of Industry Holds Meeting with Korean-Chinese Chamber of Commerce and Foreign Investment Companies

Yeohangu, Director General of Trade Negotiations, "Cooperation between Governments and Companies Crucial to Overcome Supply Chain Instability"

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy held a meeting with the China Chamber of Commerce in Korea (CCCK) and Chinese foreign-invested companies on the 15th.

This meeting with the China Chamber of Commerce and Chinese companies is the first in about a year since May last year. It was organized to strengthen cooperation with Chinese foreign-invested companies that have contributed to revitalizing the domestic economy through continuous investment in Korea despite difficult conditions such as COVID-19.

Since establishing diplomatic relations in 1992, the two countries have maintained stable relations in both investment and trade. The scale of China's investment in Korea has averaged about $1.36 billion over the past 10 years, ranking 6th after the United States, Japan, Singapore, and others. Additionally, China is Korea's largest trading partner, and Korea is China's third-largest trading partner, with active economic exchanges taking place.

Yeo Hangoo, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, stated, "Despite the global contraction of foreign direct investment (FDI) due to COVID-19, Korea has shown rapid economic recovery with an increase in foreign investment," and emphasized, "In the globally divided production structure, cooperation between governments and companies is more important than ever to overcome the worldwide supply chain instability occurring after COVID-19."

He also requested participation in ensuring smooth trade and cooperation of key raw materials such as urea solution.

Luo Jianlong, Chairman of the China Chamber of Commerce in Korea, expressed hope that "economic cooperation between the two countries will be further strengthened through government regulation and institutional improvements."

This content was produced with the assistance of AI translation services.