President Lee: "Korea and China Must Set Course for a New Route... Need to Pioneer New Markets" (Comprehensive)

President Lee at Korea-China Business Forum Pre-meeting
"Korea-China Trade Stagnant at $300 Billion, We Must Cooperate on AI"
Leaders of Korea’s Four Major Conglomerates, Including Lee Jayong and Chey Taewon, Gather
President Lee Greets Lee Jayong Warmly: "Ah, You Are Here"
Chung Euisun: "We Will Increase Production and Sales in China... Improved Korea-China Relations Will Benefit Hyundai Motor"

President Lee Jaemyung, who is on a state visit to China, stated on the 5th, "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 through comprehensive industrial cooperation, ranging from artificial intelligence (AI) to K-content.

Yonhap News Agency

President Lee made these remarks during a pre-meeting at the Korea-China Business Forum held at Beijing Jiaoda University on this day. He said, "We have crossed the same waves, cooperating and competing while being mindful of each other's movements, and I believe this has led to a successful voyage so far." He evaluated, "While each of us has pursued technological advancement and economic growth, we have also contributed to each other's development through interconnected industrial supply chains, leading 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 added, "Technology is rapidly changing direction, and supply chains have become as unpredictable as ocean currents." He emphasized, "Now, we must set course for a new route. If we do not change direction, we may never find new paths."

In particular, President Lee stressed, "Korea-China trade has stagnated at around 300 billion dollars," emphasizing the need to pioneer new markets. Regarding this, he explained, "Through future technologies like AI, new dimensions of cooperation are possible, and we must pursue them together," adding, "AI will broaden and deepen the scope of cooperation in sectors such as 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 Gather

Yonhap News Agency

President Lee said, "I hope that today’s gathering will be an open and candid discussion about the new route we will pursue together, and that it will mark a new beginning for a friendly relationship where we identify and leverage more commonalities than differences." He emphasized, "Just as with people, if we only look for differences, we will grow endlessly apart, but if we find similarities, we will become endlessly closer."

Quoting Chinese President Xi Jinping’s statement that Korea and China are "inseparable partners," President Lee concluded his opening remarks by saying, "As close neighbors, I hope this will serve as 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, said in his opening remarks, "The relationship between China and Korea has kept pace with the development of the times, serves the interests of both peoples, contributes to world peace, stability, development, and prosperity, and has become a model for international cooperation." He pledged, "Representatives from both countries will engage in in-depth exchanges, unlock the potential for cooperation, and elevate our partnership to a new stage."

At the meeting, the heads of Korea’s four major conglomerates were all present, 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. Also on the attendee list were Jang Inhwa, Chairman of POSCO Group; Huh Taesu, Chairman of GS Group; Lee Jayehyun, Chairman of CJ Group; and Koo Ja-eun of LS Holdings. Choi Byungoh, Chairman of Hyungji Fashion Group; Jang Cheolhyuk, CEO of SM Entertainment; and Kim Changhan, CEO of Krafton, were also present.

Chairman Lee Jayong, Chairman Chung Euisun, and other Korean business leaders arrived an hour before the event, exchanging handshakes and conversations with Chinese business representatives. President Lee and Vice Premier He Lifeng entered the venue, greeting participants from both countries with handshakes and warm exchanges. President Lee greeted Chairman Lee Jayong, saying, "Ah, you are here." Earlier, Chairman Chung told reporters, "Although sales and production in China have dropped significantly, we will work humbly to increase both," adding, "If the Korea-China summit improves bilateral relations, it will be a great help for Hyundai Motor as well."

Meanwhile, on the Chinese side, key representatives were present from major organizations and companies such as the China Council for the Promotion of International Trade (CCPIT), a quasi-governmental body responsible for promoting foreign trade and investment; China National Petroleum & Chemical Corporation; China Energy Engineering Group; Industrial and Commercial Bank of China; TCL Technology Group; CATL, the leading electric vehicle battery company; Tencent; and ZTE.