SEOUL: Officials and business leaders from South Korea and China convened in Seoul to discuss bolstering economic ties and cooperation, focusing on supply chains and bilateral trade, as reported by Seoul’s finance ministry.
According to Yonhap News Agency, the meeting, known as the South Korea-China economic cooperation and exchange meeting, is the second iteration following its inception last year. It was jointly organized by South Korea’s Ministry of Economy and Finance and China’s National Development and Reform Commission (NDRC). The gathering saw the participation of around 200 officials and executives from both countries, including major firms like POSCO Holdings Inc., SK Corp., and China’s Alibaba Group.
During the conference, the delegates reviewed their investment environments, sought new business opportunities, and discussed a variety of economic matters, with a particular emphasis on enhancing cooperation in supply chains. First Vice Finance Minister of South Korea, Kim Beom-seok, highlighted the
importance of adapting cooperative relations to the rapidly evolving global landscape.
Wu Hao, NDRC’s secretary general, remarked that the meeting would act as a venue to explore new avenues for future collaboration between the two nations. The event also featured a specialized consultative meeting on supply chains, where both sides agreed to strengthen their connections through joint research initiatives among their government agencies.
The ministry noted that bilateral trade between South Korea and China has significantly increased, reaching US$267.68 billion, compared to just $6.38 billion in 1992. This growth underscores the deepening economic integration and interdependence between the two countries.