Kyungshik Sohn: "Korea and China Must Cooperate for Technological Innovation and Fostering New Industries"

Opening Remarks at the 2nd Korea-China Business Leaders Meeting on September 18

Son Kyungshik, Chairman of the Korea Employers Federation, emphasized that Korea and China should work together to create a predictable business environment and strengthen cooperation in technological innovation and new industries.

On the 18th, at the "2nd Korea-China Business Leaders Meeting" held at Lotte Hotel Seoul, Chairman Son made these remarks. He stated, "Technological innovation and the development of new industries are areas where companies from both countries should cooperate even more closely," and stressed, "Let us create future growth engines by stabilizing supply chains and pioneering new markets through joint projects and technological cooperation."

He further mentioned, "As close neighbors, Korea and China must join forces to establish a stable and predictable business environment."

At the event, Chairman Son also highlighted the importance of regulatory improvements at the government level in both countries, as well as policy support for human exchanges. He said, "Policy support from both governments is essential, including improving regulations that hinder economic growth and cooperation, as well as supporting workforce and technological collaboration." He added, "We also look forward to progress in the second-phase Korea-China FTA negotiations, which have resumed this year on the 10th anniversary of its implementation."

Finally, Chairman Son called for attention to the Asia-Pacific Economic Cooperation (APEC) Summit to be held in Gyeongju this October, saying, "The Korean government and businesses are doing their utmost to ensure the success of the event."

Son Kyungshik, chairman of the Korea Employers Federation, is speaking at the "2nd Korea-China Business Leaders Meeting" held on the 18th at Lotte Hotel Seoul. Photo by Korea Employers Federation

Zhang Hui, President of the Bank of China, who attended as the Chinese chair, responded by saying, "The two countries have grown into a close economic community by building a mutually complementary and win-win industrial supply chain," and added, "I believe this meeting will further strengthen the friendship and cooperation among business leaders from both countries."

In addition to Chairman Son and President Zhang, the meeting was attended by Zhang Xiaoyu, Vice President of the China International Council for the Promotion of Multinational Corporations (CICPMC), business leaders from both Korea and China, Dai Bing, Chinese Ambassador to Korea, Park Jongwon, Deputy Minister for Trade at the Ministry of Trade, Industry and Energy, and about 40 other government officials from both countries.

Before the meeting, on the 17th, Chairman Son met with Prime Minister Kim Minseok and National Assembly Speaker Woo Wonsik, together with the Chinese business delegation, to exchange views on ways to enhance Korea-China economic cooperation.