President Lee: "Korea and China Must Chart a New Course... Need to Pioneer New Markets"

President Lee Attends Pre-Forum Meeting of Korea-China Business Forum
"Korea-China Trade Stagnant at $300 Billion, Must Cooperate on AI"
Heads of Korea’s Four Major Groups, Including Lee Jayong and Chey Taewon, in Full Attendance

President Lee Jae-myung, who is on a state visit to China, is speaking at the Korea-China Business Forum held at Zuoer University in Beijing on the 5th. Photo by Yonhap News

During his state visit to China on January 5, President Lee Jaemyung stated, "Korea and China are like a ship sailing together on the same sea, heading in the same direction," adding, "Now, we must set course for a new route." President Lee also proposed expanding the stagnant trade volume between the two countries through comprehensive industrial cooperation, ranging from artificial intelligence (AI) to K-content.

President Lee made these remarks at a pre-forum meeting for the Korea-China Business Forum held at Zuoer University in Beijing on the same day. He said, "We have successfully navigated thus far by overcoming the same waves, being mindful of each other's movements, sometimes cooperating and at other times competing," and assessed, "While each of us has pursued technological advancement and economic growth, the interconnection of industrial supply chains has allowed us to help each other's development and lead the global economy."

However, President Lee analyzed, "The current global economic and trade environment no longer allows us to simply follow predetermined routes as we did in the past," and pointed out, "Technology is rapidly changing direction, and supply chains have become as unpredictable as ocean currents." He emphasized, "We must now set out for a new route. If we do not change direction, we may never find a new path."

In particular, President Lee stressed, "Korea-China trade has stagnated at around 300 billion dollars," and insisted, "We need to pioneer new markets." Regarding this, he explained, "Through AI, a future technology, new dimensions of cooperation are possible, and we must work together," adding, "AI will broaden and deepen the scope of cooperation in each field, including manufacturing and services." He also expressed hope that beauty and cultural content could become "new breakthroughs."

Lee Jayong, Chey Taewon, and Other Leaders of Korea's Four Major Conglomerates Attend

President Lee Jae-myung, who is on a state visit to China, is speaking at the Korea-China Business Forum held at Zuoer University in Beijing on the 5th. Photo by Yonhap News

President Lee said, "I hope that today’s gathering will serve as a new starting point for a friendly relationship, where we can openly discuss the new course we will chart together and find and utilize more common ground than differences." He emphasized, "It is the same in relationships with people-if we focus on differences, we will grow endlessly apart, but if we find similarities, we will become endlessly closer."

Quoting Chinese President Xi Jinping, who described Korea-China ties as "inseparable," President Lee concluded his opening remarks by saying, "As close neighbors, I hope this will be a good opportunity to build a mutually beneficial and friendly relationship from an economic perspective as well."

He Lifeng, Vice Premier of the State Council of China in charge of economic affairs, stated in his opening remarks, "The China-Korea relationship has kept pace with the times, served the interests of both peoples, contributed to world peace, stability, development, and prosperity, and set an example for international cooperation." He pledged, "Representatives from both countries will engage in in-depth exchanges, tap into the potential for cooperation, and elevate relations to a new stage."

Meanwhile, the meeting was attended by the heads of Korea’s four major conglomerates, including Lee Jayong, Chairman of Samsung Electronics; Chey Taewon, Chairman of SK Group; Chung Euisun, Chairman of Hyundai Motor Group; and Koo Kwangmo, Chairman of LG Group. Other notable attendees included Jang Inhwa, Chairman of POSCO Group; Huh Taesu, Chairman of GS Group; Lee Jaehyun, Chairman of CJ Group; and Koo Jaeun of LS Holdings. Choi Byungoh, Chairman of Fashion Group Hyungji; Jang Chulhyuk, CEO of SM Entertainment; and Kim Changhan, CEO of Krafton, were also present.

From China, representatives from major organizations and companies attended, including the China Council for the Promotion of International Trade (CCPIT), the China National Petroleum & Chemical Corporation, China Energy Engineering Group, Industrial and Commercial Bank of China, TCL Technology Group, CATL (the top electric vehicle battery company), Tencent, and ZTE.