KCCI "Supply Chain and Inflation Risks, Concerns in Han and Jung... Must Unite to Overcome Global Crisis"

Chairman Sohn Kyung-shik of the Korea Employers Federation (fifth from the left in the front row) and the executive members held a meeting with Xing Haiming, the Chinese Ambassador to Korea (fourth from the left), on the 29th.

[Asia Economy Reporter Choi Dae-yeol] Sohn Kyung-shik, Chairman of the Korea Employers Federation (KEF), met with Xing Haiming, Chinese Ambassador to Korea, on the 29th and said that the two countries must join forces to overcome the recent global economic crisis.

In his greeting at the luncheon hosted by the Chinese Ambassador to Korea, Chairman Sohn said, "This year marks the 30th anniversary of diplomatic relations between Korea and China, and the two countries are inseparable important partners in areas such as economy, society, culture, and human exchange." He added, "The trade volume between the two countries, which was $6.4 billion in the first year of establishing diplomatic relations in 1992, has grown nearly 50 times, exceeding $300 billion last year."

He continued, "With rapidly changing international situations and the spread of protectionism accelerating supply chain and inflation risks, it is a very concerning situation for both Korea and China," emphasizing, "At times like these, close neighbors Korea and China must work together to overcome the global complex crisis."

Chairman Sohn said, "Korea-China economic cooperation is expanding beyond traditional manufacturing to new technologies and industries such as AI and robotics," adding, "On the occasion of the 30th anniversary of diplomatic relations, the two countries will seek new growth engines together for the next 30 years and develop into a mutually complementary and future-oriented relationship in both quantitative and qualitative aspects."

The KEF has been holding an annual luncheon with the Chinese Ambassador to Korea since 2020 to promote Korea-China economic cooperation. Fourteen members of the KEF chairman group attended the luncheon, including Chairman Sohn, Kim Won-kyung, Vice President of Samsung Electronics, Jung Sang-bin, Vice President of Hyundai Motor, and Woo Ki-hong, President of Korean Air.

Ambassador Xing said, "International concerns about economic recession have increased, and numerous uncertainties have emerged," adding, "China and Korea must pursue core interests with mutual respect." He further emphasized, "The industrial and supply networks of the two countries must operate smoothly," and "We must not miss the new opportunities brought by the Regional Comprehensive Economic Partnership (RCEP)."