Martial Arts and Industry Department Hold 'Korea-China Economic and Trade Cooperation Exchange'
First Domestic Event in 5 Years Since Pandemic
Jiangsu Ranks 2nd in GRDP, Accounts for 1/4 of Korea-China Trade Volume
High Potential for Expanded Cooperation with Domestic Companies
The Korea International Trade Association (KITA), in collaboration with the Ministry of Trade, Industry and Energy, held the "Korea-China (Jiangsu) Economic and Trade Cooperation Exchange Meeting" on the 20th at the Conrad Hotel in Seoul.
Lee In-ho, Vice Chairman of the Korea International Trade Association (KITA), is delivering a greeting at the "Korea-China (Jiangsu) Economic and Trade Cooperation Exchange Meeting" jointly hosted by the Ministry of Trade, Industry and Energy and KITA on the 20th at the Conrad Hotel in Seoul. Photo by KITA
This event, held domestically for the first time in five years since the pandemic, was attended by over 500 participants including Lee In-ho, Vice Chairman of KITA; Jung In-kyo, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy; Yoo Jung-yeol, President of the Korea Trade-Investment Promotion Agency (KOTRA); Xin Changxing, Party Secretary of Jiangsu Province; Xing Haiming, Chinese Ambassador to Korea; and Chinese businesspeople operating in Korea. It is the largest exchange meeting with a Chinese local government to date.
The exchange meetings with Chinese local governments serve as an economic cooperation platform between Korea and Chinese local governments, promoting exchange and cooperation among businesspeople and central and local government officials from both countries. Since 2019, KITA has been hosting exchange meetings with the Jiangsu provincial government. It also organizes the exchange meetings with the Guangdong and Shandong provincial governments, now in their 9th and 7th sessions respectively.
Nam Cheol, Vice President of LG Chem; Zhu Zuyong, CEO of Jiangsu Sanjin Guangdian; and Lee Myung-soo, CEO of Jinyang Oil Seal, presented cases of Korea-China cooperation at this event. There was also an introduction to industrial complexes in both countries and major cities in Jiangsu such as Wuxi and Changzhou. Following this, signing ceremonies for memorandums of understanding (MOUs) between companies from both countries were held in new strategic industries including electric vehicles, batteries, medical devices, and cultural contents.
Jiangsu Province ranks second in Gross Regional Domestic Product (GRDP) among China's 31 provinces and municipalities. Approximately 3,000 Korean companies, including Samsung, LG, Kia Motors, and SK Hynix, have established operations there. As a result, trade with Jiangsu accounts for about one-quarter of Korea-China trade volume (as of 2023). Recently, Jiangsu has been actively attracting foreign investment in IT, advanced equipment, environmental, and medical industries, increasing the potential for expanded cooperation with domestic companies that have competitiveness in these sectors.
In his congratulatory speech, Lee In-ho, Vice Chairman of KITA, stated, "Economic cooperation between Korea and China is diversifying from labor-intensive industries and manufacturing to capital-intensive advanced industries and service sectors." He added, "In line with these changes, KITA will also strive to create concrete cooperation models with Chinese local governments."
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