KOTRA Holds Economic Cooperation Event Linked to State Visit in China for First Time in 9 Years

Korea-China Business Partnership and Local Government Investment Promotion IR
Showcasing Korean Consumer Goods and Chinese Distribution Networks
Expanding Future Cooperation through Soft Power
24 Export Contracts Signed On-Site, Achieving $44.11 Million in Deals

The Korea Trade-Investment Promotion Agency (KOTRA) announced on January 6 (local time) that it held an economic cooperation event for the delegation at The Westin Hotel in Beijing, China. This marks the first economic cooperation event organized by KOTRA in nine years since 2017.

KOTRA held an economic cooperation event for the delegation on the 6th (local time) at The Westin Hotel in Beijing, China. At the trade and investment consultation meeting, "Korea-China Business Partnership," 58 Korean companies are conducting business consultations with Chinese partners. KOTRA

KOTRA organized the event to create new opportunities for Korean companies to enter the Chinese market and to promote cooperation, following the restoration of Korea-China relations. The event consisted of a trade and investment consultation meeting, "Korea-China Business Partnership," and the "Korean Wave Excellent Products Showcase."

First, 58 Korean companies participated in the Korea-China Business Partnership, which was held throughout the day starting from the morning of January 6. In particular, the trade and investment consultation focused on five major consumer goods sectors-beauty, food, fashion, household goods, and pharmaceuticals-with leading Korean companies participating. In line with the current value consumption trend in China, "branded consumer goods" companies, as well as those in "service products" such as intellectual property (IP) and content, also attracted attention at the event.

To maximize the effectiveness of this Korea-China Business Partnership, KOTRA mobilized all 20 of its trade offices in China to recruit partners. A total of 95 outstanding Chinese companies in the consumer goods and service sectors, gathered from across China-including Beijing, Shanghai, Qingdao, and Shenzhen-joined as potential partners. Major companies such as Alibaba and JD.com, leading e-commerce platforms in China, as well as Tencent, a major content conglomerate, were present to assess the market potential of Korean companies on-site.

Over the years, KOTRA has focused on promoting the "One Trade Office, One Distribution Network Cooperation Project" in China. As a result of these efforts, a total of 24 export contracts were signed at this business partnership event, with a combined contract value of 44.11 million dollars.

Outside the business consultation area, the Korean Wave Excellent Products Showcase was held. JD.com, one of China's two largest online platforms, and Douyin, a live commerce platform, participated to support the entry of Korean products. In particular, Douyin featured a Korean product influencer with 300,000 subscribers who conducted a live commerce session on-site. The Chinese local influencer, also known as a "Wanghong," who has specialized in K-beauty for 14 years, achieved over 200,000 yuan (approximately 40 million won) in sales in just two hours.

Meanwhile, in the afternoon, a "Local Government Investment Promotion Seminar" was held to attract investment from Chinese companies and revitalize regional economies in Korea. The Saemangeum Development Authority and five local governments-Gyeonggi, North Gyeongsang, South Gyeongsang, South Jeolla, and South Chungcheong-introduced their regional investment environments and incentives. Wu Peng, Korea Investment Promotion Ambassador, drew attention by presenting strategies for Chinese companies to expand overseas investment.

Kang Kyungsung, President of KOTRA, stated, "This Korea-China Business Partnership is the first economic event linked to a state visit held in China in nine years, providing both countries' companies with a renewed opportunity for future-oriented cooperation. Based on the friendly sentiment created by the recent summit, we will actively create business cooperation opportunities in the consumer goods, service, and content sectors."