[Asia Economy Reporter Yoo In-ho] Park Jin, Minister of Foreign Affairs, who is visiting China, stated on the 9th regarding Korea-China economic cooperation, “Although the bilateral relationship is facing difficult challenges, the government intends to continuously strengthen economic cooperation with China.”
On the same day, Minister Park held a virtual meeting with Korean residents and businesspeople in China at the Zhimogoseong Gunran Hotel in Qingdao, Shandong Province, China, saying, “There was news that since May, for the first time in 28 years, trade with China has turned to a deficit.”
Regarding the current environment surrounding Korea-China economic cooperation, Minister Park diagnosed, “The international order is entering a new transition period, with intense strategic competition between the U.S. and China, and the trade order is also changing. Supply chains are being reorganized,” adding, “Unstable factors threatening the international order are expanding.”
He emphasized, “The government has a clear will to develop Korea-China relations based on mutual respect and common interests,” and “Taking this visit to China as an opportunity, we plan to fully activate the previously suspended intergovernmental consultation channels.”
Regarding difficulties faced by companies, he said, “With the COVID-19 situation lasting nearly three years, our companies have experienced disruptions in supply chains, restrictions on logistics movement, commuting issues for employees, and various operational difficulties,” adding, “We are closely communicating with Chinese authorities mainly through overseas diplomatic missions to resolve these issues. However, some results may not meet your expectations.”
He further added, “Going forward, overseas diplomatic missions will work as one team with Korean residents and companies to strive for problem-solving.”
The meeting was conducted by connecting four locations via video conference: the Zhimogoseong Gunran Hotel where Minister Park and the Korean delegation are staying, the Embassy of the Republic of Korea in China in Beijing, the Consulate General in Qingdao, and the Korea-China Entrepreneurs Association Advisor in Seoul.
Representatives of Korean residents from Beijing and Shandong Province, businesspeople from Korean Air, GS Caltex, Samsung, Ambassador Jeong Jae-ho to China, and directors of the Bilateral Economic Diplomacy Bureau and Northeast Asia Bureau of the Ministry of Foreign Affairs participated.
Regarding Shandong Province, the visit site, Minister Park said, “It serves as a foothold for free trade between Korea and China,” and “I heard that it has been 18 years since a Foreign Minister visited here since 2004, which I find very meaningful.”
Shandong Province is known as the place where the largest number of Korean companies and residents live based on a single province, with half of them reportedly located in Qingdao.
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