Korea-China Business Forum Held After 9 Years... Discovering New Cooperation Models

KCCI Hosts Forum During President Lee's Visit to China
Encompassing Industries from Manufacturing to Food, Fashion, and Finance

With President Lee Jae-myung making his first state visit to China in nine years, an economic delegation was formed, bringing together business leaders from both countries. The two sides have agreed to work together to discover new models of economic cooperation.

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, stated at the Korea-China Business Forum held in Beijing on January 5, "When discussing the direction of Korea-China relations, we use the term 'seeking common ground while respecting differences,' which means that while we respect minor differences, we should prioritize seeking mutual benefits." He added, "I hope this will serve as an opportunity to find the key to growth by moving beyond our differences."

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry and Chairman of SK Group, is speaking at the Korea-China Business Forum held on the 5th at Zuoer University in Beijing, China, attended by President Lee Jae-myung. Photo by Yonhap News

The Korea-China Business Forum, hosted by the Korea Chamber of Commerce and Industry on this day, was attended by President Lee Jae-myung, Chinese Vice Premier He Lifeng, and over 600 political and business leaders from both countries. Korean and Chinese business leaders gathered at Building 14 of Diaoyutai State Guesthouse, the historic site of the Korea-China diplomatic negotiations, and agreed to work together to discover new models of economic cooperation.

On the Korean side, participants included Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry; Yoon Jin-sik, Chairman of the Korea International Trade Association; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Kim Ki-moon, Chairman of the Korea Federation of SMEs; Lee Jae-yong, Chairman of Samsung Electronics; Chung Eui-sun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG Group; Jang In-hwa, Chairman of POSCO Holdings; Huh Tae-soo, Chairman of GS Group; and Koo Ja-eun, Chairman of LS Holdings, among other major business leaders. From China, attendees included Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT); Hou Qijun, Chairman of SINOPEC; Liao Lin, Chairman of the Industrial and Commercial Bank of China; Ni Zhen, Chairman of China Energy Engineering Group; Li Dongsheng, Chairman of TCL Technology Group; Zeng Yuqun, Chairman of CATL; Zhang Naiwen, Chairman of Jiangsu Yueda Group; and Zhang Zhengping, Chairman of SERES Group.

This delegation was organized as a reciprocal visit following President Xi Jinping's attendance at the Asia-Pacific Economic Cooperation (APEC) Summit in November last year. With the progress made in bilateral relations at the previous summit and the recent launch of the second-phase negotiations for the Korea-China Free Trade Agreement (FTA), expectations for expanded cooperation are rising.

The Korea Chamber of Commerce and Industry is leading the dispatch of the economic delegation and has been supporting companies in achieving tangible results. This delegation was composed of representatives from a wide range of industries, including manufacturing, food, fashion, tourism, entertainment, gaming, and finance.

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry and Chairman of SK Group, is speaking at the Korea-China Business Forum held on the 5th at Zuoer University in Beijing, China, attended by President Lee Jae-myung. Photo by Yonhap News

During the forum, presentations were made to broaden and deepen Korea-China economic cooperation. Six companies and institutions from both countries shared a variety of ideas for discovering new cooperation models, focusing on promising areas such as ▲manufacturing innovation and supply chains ▲creating new markets for consumer goods ▲cooperation in services and content. Choi Jae-sik, a professor at KAIST and a member of the National Artificial Intelligence (AI) Strategy Committee, delivered a presentation on the "Development Direction of Korea-China Manufacturing AI Cooperation" as a representative speaker from Korea. Professor Choi shared Korea's vision of becoming one of the world's top three AI powers, emphasized Korea's competitiveness in manufacturing AI, and proposed strengthening cooperation in manufacturing supply chains and developing a Korea-China manufacturing AI foundation model as directions for collaboration.

In addition to the business forum, side events such as a business roundtable and memorandum of understanding (MOU) signing ceremonies were also held, raising expectations for tangible cooperation outcomes. At the business roundtable, 20 key business leaders from Korea and China exchanged views on advancing economic cooperation, with President Lee Jae-myung and Vice Premier He Lifeng also in attendance. Furthermore, concrete and practical business agreements were signed in various industries, including cooperation in AI and autonomous driving platform development, expanding the entry of consumer goods and food products, and collaboration on K-pop artist intellectual property (IP) content.

Yoon Chul-min, Director General of the International Trade Division at the Korea Chamber of Commerce and Industry, said, "With the dispatch of the economic delegation at the start of the new year, we expect new models of economic cooperation between the two countries to be created." He added, "The Korea Chamber of Commerce and Industry will support the expansion of business cooperation through the operation of our Beijing office and the 'Korea-China High-Level Business Dialogue,' a private-sector high-level economic cooperation channel."