South Korean and Chinese business leaders discussed ways to strengthen cooperation in strategic industries such as artificial intelligence, semiconductors and batteries at a forum in Shanghai on Thursday.
The Korea Enterprises Federation said it jointly hosted the third Korea-China Business Leaders Meeting with the China International Council for the Promotion of Multinational Corporations, attended by around 50 business executives and government officials from both countries.
Among the attendees were KEF Chair Sohn Kyung-shik, Bank of China Chairman Ge Haijiao, Shanghai Vice Mayor Lu Shan and Kim Jin-dong, economic minister at the South Korean Embassy in China.
In his opening remarks, Sohn highlighted the “remarkable growth” achieved across trade, investment and industry since the two countries normalized relations in 1992, and the volume of bilateral trade has surged more than forty times from an initial $6.3 billion.
“The achievements were made possible by Korean and Chinese businesses that have built mutually complementary economic cooperation,” Sohn said.
He warned that the global economy faces growing uncertainties stemming from escalating geopolitical tensions, high oil prices, exchange rates and consumer prices, as well as rapid industrial transformation fueled by technological advances and the restructuring of global supply chains.
“In this environment, economic cooperation between Korean and Chinese businesses is more important than ever,” Sohn said, adding that collaboration in newly emerging industries, including AI, semiconductor, battery, future mobility, biotechnology and eco-friendly industries, could create fresh opportunities for companies in both countries.
Sohn urged both governments to improve regulations that hinder corporate investment and business activities, noting that major economies are increasingly providing policy support for strategic industries and companies.
Ge, the Chinese co-chair of the forum, said he was pleased that business leaders from the two countries gathered in Shanghai, which he described as “a core hub” for bilateral economic cooperation.
“Korea-China economic cooperation has evolved from division of labor to broader cooperation, contributing to both the regional and global economy,” Ge said, “Through the meeting, we hope to identify new growth drivers and cooperation models for the two countries.”
During the meeting, business representatives discussed broadening investment opportunities, enhancing business conditions, and supporting companies operating across both countries.
The Korean business delegation is also scheduled to meet Shanghai Mayor Gong Zheng on Friday to discuss future-oriented economic cooperation and deliver policy suggestions from Korean companies operating in China.
Participating Korean companies included 19 major firms such as Samsung Electronics, Hyundai Motor Group, SK Group, LG Chem and Korean Air. Chinese participants included Bank of China, CATL, Bank of Communications, and other companies from finance, manufacturing, logistics and renewable energy sectors.
By Ahn Sung-mi (sahn@heraldcorp.com)
