Sangui, Korea-China 30th Anniversary Business Forum... "We Must Open a New Era of Korea-China Economic Cooperation"

Held Online Connecting Seoul and Beijing on the 24th
Evaluation and Challenges of 30 Years of Korea-China Economic Cooperation, Discussion on Future Green Industry Collaboration
South Korean Prime Minister Han Duck-soo and Chinese Premier Li Keqiang Encourage Business Leaders via Video Greetings

Source: Korea Chamber of Commerce and Industry

[Asia Economy Reporter Donghoon Jeong] The Korea Chamber of Commerce and Industry (KCCI) held a business forum to commemorate the 30th anniversary of diplomatic relations between Korea and China.

On the morning of the 24th, KCCI, together with the China Council for the Promotion of International Trade (CCPIT), the Korea International Trade Association, and KOTRA (Korea Trade-Investment Promotion Agency), connected Seoul and Beijing online to hold the "Korea-China 30th Anniversary Business Forum."

Since the establishment of diplomatic ties in 1992, KCCI and CCPIT have continuously expanded exchanges and cooperation by establishing the Korea-China Private Economic Council. KCCI has also worked to revitalize private economic cooperation between the two countries by operating the China-Korea Chamber of Commerce, the only Korean legal economic organization in China.

At the event, Prime Minister Han Duck-soo of Korea and Premier Li Keqiang of China encouraged businesspeople from both countries through video congratulatory messages. This event, held on the exact day of the 30th anniversary of diplomatic relations, marked the first time since the new government that the prime ministers of both Korea and China jointly delivered congratulatory remarks, showing great interest from both governments and the business community.

On the Korean side, business leaders attending included KCCI Chairman Chey Tae-won (attending via video), Ambassador to China Jung Jae-ho, Chairman of the China-Korea Chamber of Commerce Yoon Do-sun, President of Samsung China Hwang Deuk-gyu, SK Vice Chairman Seo Jin-woo, Woori Bank China Head Ha Tae-jung, Korean Air China Regional Head Ko Kwang-ho, LG Chem China President Ko Myung-hwan, Kolon Industries CEO Jang Hee-gu, and SPC Vice President Kim Beom-ho.

On the Chinese side, attendees included CCPIT Chairman Ren Hongbin, Ambassador to Korea Xing Haiming, Chairman of the China Chamber of Commerce in Korea Yin Weiyu, Executive Chairman of the China Chamber of Commerce in Korea Yang Xiaojun, Vice President of Beijing Kuaishou Technology Liu Zhen, President of China Foreign Trade Korean Branch Sun Wei, Head of Industrial and Commercial Bank of China Seoul Branch He Xiaojian, Head of China Southern Airlines Korea Branch Wang Xun, and Head of China Construction Co., Ltd. Korea Branch Ye Jun.

Korean Prime Minister Han Duck-soo and Chinese Premier Li Keqiang Encourage Businesspeople through Video Congratulatory Messages

At the forum's opening ceremony, key figures including KCCI Chairman Chey Tae-won, Prime Minister Han Duck-soo, Premier Li Keqiang, and CCPIT Chairman Ren Hongbin delivered remarks reflecting on the significance of the 30th anniversary of diplomatic relations and pledged to strive for a new leap forward.

The seminar was held under the themes of "Global Economic Promotion and Korea-China Economic Cooperation" and "Korea-China Green Industry Cooperation and Innovation Measures."

The first presenter, Kim Dong-soo, Head of the Overseas Industry Division at the Korea Institute for Industrial Economics and Trade, noted that since establishing diplomatic relations, Korea and China have provided growth engines for each other, and this exchange is expected to shift from quantitative expansion to qualitative enhancement.

Kim stated, "Until now, the relationship between the two countries was complementary based on comparative advantages, but amid recent global changes, their status is shifting to a multilateral competitive relationship. In terms of international politics and economics, the relationship between Korea and China now requires consideration of the United States, Japan, and ASEAN countries together."

As a means to enhance economic cooperation, Kim emphasized, "It is necessary to build a mutual consensus between the two countries for a stable supply chain of raw materials and component materials," and "Efforts should be made to restore the free trade order centered on RCEP member countries."

Kim also mentioned, "Korea and China must cooperate to prepare joint responses to global infectious diseases such as COVID-19," and "Considering international trends, carbon emission reduction is likely to become a regulatory factor, so both countries need to prepare and respond jointly in advance."

Finally, Kim stressed, "In the current situation where there are many areas and issues requiring cooperation, the restoration of friendly sentiments between the two countries must be a prerequisite," and "Above all, the restoration and expansion of human exchanges are urgently needed."

Following this, Han Dong-hoon, Director of Samsung Global Research Beijing Office, stated, "Changes in the Korea-China relationship have occurred due to China's economic rise, changes in the global economic order, supply chain decoupling, and the transition from a complementary to a competitive relationship," adding, "However, new technologies require utilizing all available resources, so the intertwined supply chains of the two countries will continue or even strengthen for a long time."

Han said, "At this time when the global economy is caught in unprecedented turmoil, companies in both countries have the ability to adapt to new industries (4th Industrial Revolution), new norms (ESG), and new orders (international trade order)," and "Since both countries have traditional, advanced, and future-oriented industries, it is hoped that companies from both countries will appropriately combine technology, capital, and markets to create new opportunities."

Korea-China Green Industry Cooperation and Innovation Measures ... “Fine Dust, Environment, and Carbon Neutrality Require Joint Public-Private Response”

The second presenter, Cho Yoon-taek, Senior Researcher at POSCO Research Institute, said, "Both Korea and China suffer from air pollution due to rapid industrialization and urbanization, and their manufacturing-centered industrial structures make greenhouse gas reduction difficult, with energy resources also dependent on overseas sources," adding, "Fine dust is not only a problem for Korea and China in the West Sea region but also requires a bridging role between developed and developing countries for global climate change response. The environment, climate, and energy sectors should be considered new momentum for bilateral cooperation."

Cho emphasized, "Cooperation between private companies in the environmental sector is difficult to achieve in the short term, and due to the rapid pace of policy changes, the role of the public sector is necessary," and "Practical cooperation among governments, local governments, and public institutions should be promoted, with companies participating."

Following this, Hong Chang-pyo, Head of KOTRA China Regional Headquarters, stated, "The prolonged COVID-19 pandemic and the reality of the climate crisis are causing significant changes in the global economy," and "The expansion of non-face-to-face business due to COVID-19 has rapidly accelerated the digital transformation, and as the negative impacts of climate change become a reality, global cooperation to address climate change is urgently needed."

Hong emphasized, "Since both the Korean and Chinese governments are actively promoting digital economy development and carbon neutrality policies to respond to these environmental changes, it is necessary to strengthen mutual cooperation at both government and private levels to create synergy effects."

Lee Sung-woo, Director of the International Trade Department at KCCI, said, "It is an important fact that Korea-China economic cooperation has greatly contributed to the economic development of both countries over the past 30 years, and it is also an unchanging fact that the two countries are closest neighbors," adding, "Although countless issues such as supply chains and THAAD remain, it is hoped that companies from both countries will play a pivotal role in writing a new history of cooperation in the next 30 years."

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