By Ko Dong-hwanKorean and Chinese business leaders have met in Seoul to renew manuals on keeping the bilateral alliance up to date, according to the Korea Chamber of Commerce and Industry (KCCI), Wednesday.
It was the fourth such meeting since its foundation in 2018 that brought together chairmen, CEOs and presidents of key conglomerates from the two countries. KCCI Chairman Chey Tae-won met with top executives from nine Korean companies including Hyundai Motor Group, Samsung Electronics, SK Group and LS Group as well as Yoo Il-ho, former strategy and finance minister, who leads the Korean delegation of 16 parties.
The Chinese delegation was led by Bi Jinquan, executive vice chairman of China Center for International Economic Exchanges (CCIEE). The group consisted of 15 parties, including the heads of China Petrochemical Corp., China Huaneng Group, China Eastern Airlines, Fosun Pharma and Luye Life Sciences Group.
Yoo said during the meeting that rapidly changing global economic environments and increasing global status of the two countries are forcing Korea and China to undergo structural changes. He said the two countries should thus find new ways to better deal with globally rising industrial sectors, the climate crisis and digital commerce.
Bi said the two economic trade partners should expand the scope of cooperation in sectors like cutting-edge technologies, renewable energy-based vehicles, artificial intelligence, "eco-friendliness" and public health. As to more critical fields, the two should together pioneer a new market in third countries and try to stabilize supply chains, he added.
The two delegations penned six terms of agreement. They included cooperation for stable supply chains for parts and materials as well as medical healthcare, carbon neutralization and digital commerce. They also agreed to complete follow-up deals from the Korea-China FTA including investment conditions, immigration regulations and intelligence property protection. A joint research on synergy of the bilateral economic partnership was among the terms as well.
"The bilateral economic partnership needs a paradigm shift that fits new vision and goal," said Chung Chul, vice-president of Korea Institute for International Economic Policy, who was one of the Korean delegation. "They should introduce a more open and transparent environment for bilateral trade and investment. They should also jointly strive to reduce uncertainties in these matters."
Zhang Yansheng, a chief researcher from CCIEE, said that at the center of the bilateral partnership for promising future businesses is "digital green transition" and it has many rooms for the two countries' strategic cooperation.
"While the two countries' commonly significant business sectors will be affected by non-economic factors for the next decade, they should maintain their cooperative tie through trust and partnership," said Zhang.
The next meeting will be hosted by China in Beijing, according to the KCCI.