High-Level Dialogue Between Korean and Chinese Business Leaders After 4 Years... Chaebol Heads Chey Tae-won, Chung Eui-sun, and Yoo Il-ho Attend

Sangui, Offline Meeting in Seoul on the 20th After 4 Years
Dialogue Between Korean and Chinese Businesspeople and Former Senior Government Officials

Leading business figures representing Korea and China met offline for the first time in four years and agreed to cooperate to ensure the smooth supply of materials and components in the supply chain.

Chairman Yoo Il-ho (former Deputy Prime Minister for Economic Affairs), Chairman Choi Tae-won of the Korea Chamber of Commerce and Industry, Chairman Chung Eui-sun of Hyundai Motor Group, and others are taking a commemorative photo at the opening ceremony of the "4th Korea-China Business Leaders and Former Senior Government Officials Dialogue" held on the 20th at Walkerhill Hotel in Gwangjin-gu, Seoul. Photo by Jo Yong-jun jun21@

The Korea Chamber of Commerce and Industry (KCCI) jointly hosted the "4th Korea-China Business Leaders and Former Senior Government Officials Dialogue" with the China Center for International Economic Exchanges (CCIEE) on the 20th in Seoul.

The Korea-China Business Leaders Dialogue is a 1.5-track dialogue platform that began with the first session in 2018. It involves leading companies and former government officials from both countries, aiming to activate exchanges between the Korean and Chinese business communities and promote economic cooperation. The 1.5-track refers to a semi-official, semi-private approach involving both government and private sectors.

On the Korean side, attendees included Chairman Yoo Il-ho, former Deputy Prime Minister for Economic Affairs and chairman of the committee, Choi Tae-won, chairman of KCCI, Chung Eui-sun, chairman of Hyundai Motor Group, Park Seung-hee, president of Samsung Electronics, Seo Jin-woo, vice chairman of SK Group, Myung Noh-hyun, vice chairman of LS Group, Shin Hyun-woo, president of Hanwha, Lee Dong-hoon, president of SK Biopharm, Yoon Chang-ryeol, director of LG Global Strategy Development Institute, Lee Young-woo, CEO of HD Hyundai Cosmo, Yoon Do-sun, CEO of CJ China, as well as business leaders, KCCI executive vice chairman Woo Tae-hee, former Minister of Health and Welfare Lim Chae-min, former FTA chief negotiator Choi Seok-young, Jeong Cheol, deputy director of the Korea Institute for International Economic Policy, and other former government officials and related institution representatives.

On the Chinese side, attendees included CCIEE representatives such as Chairman Bi Jingquan, Vice Chairman Ning Jizhe, Ma Yongsheng, chairman of China Petrochemical Corporation, Liu Jingzhen, chairman of China National Pharmaceutical Group, Deng Jianling, president of China Huaneng Group, among 15 participants in total.

Chairman Yoo Il-ho (former Deputy Prime Minister of Economy) is delivering the opening address at the opening ceremony of the "4th Korea-China Business Leaders and Former Senior Government Officials Dialogue" held on the 20th at Walkerhill Hotel in Gwangjin-gu, Seoul. To Chairman Yoo's left are Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, and Chung Eui-sun, Chairman of Hyundai Motor Group. Photo by Jo Yong-jun jun21@

Korea-China Chairpersons Emphasize New Cooperation through Future Preparedness... Aim for a Relationship of Mutual Success and Development

Yoo Il-ho, former Deputy Prime Minister for Economic Affairs and chairman of the Korean side, stated in his opening remarks, "In response to the rapidly changing global economic environment and the rising global status of Korea and China, both countries face structural changes. They must recognize these changes and play roles befitting their status, cooperating in future-oriented areas such as climate change and digital trade while seeking new approaches."

Bi Jingquan, Executive Vice Chairman of CCIEE and chairman of the Chinese side, emphasized, "The two countries have formed a closely linked economic and trade partnership characterized by mutual success and development. Cooperation should be expanded in fields such as advanced technology manufacturing, new energy vehicles, artificial intelligence, eco-friendliness, and healthcare. In key sectors, large-scale cooperation should jointly explore third-country markets to pursue stability in industrial supply chains."

Need to Pursue Qualitative Advancement of Korea-China Economic Cooperation Paradigm... Focus on Digital and Eco-Friendly Transition in Core Promising Industries

The presentation session continued with reports and discussions on the current status of Korea-China economic cooperation and future promising industry collaboration.

The "4th Korea-China Business Leaders and Former Senior Government Officials Dialogue" was held on the 20th at the Walkerhill Hotel in Gwangjin-gu, Seoul, attended by business leaders from Korea and China, including Chairman Yoo Il-ho (former Deputy Prime Minister for Economic Affairs), Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry, and Chairman Chung Eui-sun of Hyundai Motor Group. Photo by Jo Yong-jun jun21@

Jeong Cheol, deputy director of the Korea Institute for International Economic Policy, who presented on "Current Status and Development Directions of Korea-China Economic Cooperation," said, "In the era of global transformation such as digitalization and carbon neutrality, structural changes are appearing in trade and investment relations between Korea and China. Korea-China economic cooperation requires a paradigm shift to set new visions and common goals beyond existing methods. This includes not only finding new cooperation methods in traditional sectors but also creating an open and transparent trade and investment environment in new industries and strengthening joint efforts to reduce uncertainties."

Following this, Zhang Yansheng, senior researcher at CCIEE, presented on "Directions for Korea-China Promising Industry Cooperation," stating, "The core of Korea-China promising industry cooperation lies in digital and eco-friendly transitions, and the potential for complementary cooperation in these two fields is very high. Over the next decade, Korea-China promising industry cooperation may be influenced by non-economic factors, but both countries should build strategic mutual trust, maintain cooperation through marketization, internationalization, and rule of law, and seek mutually complementary cooperation models."

The joint delegation from both sides issued a joint declaration proposing various directions to reduce uncertainties between the two countries, improve the business environment, and strengthen economic cooperation. Key agreements included ▲ cooperation for stable supply chains of materials and components ▲ prompt conclusion of follow-up negotiations on Korea-China FTA services and investment to improve the business environment ▲ cooperation in medical and healthcare sectors ▲ efforts toward carbon neutrality to address climate change ▲ promotion of cooperation in digital trade response ▲ research on synergy effects of Korea-China economic cooperation.

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