Lee highlights beauty, culture, AI as emerging fields in Korea-China trade

President Lee Jae Myung attends a Korea-China business forum held at Diaoyutai State Guesthouse in Beijing, Monday. Yonhap

BEIJING — Consumer goods including beauty products and cultural content, as well as artificial intelligence (AI), could become new pillars of business cooperation between Korea and China, President Lee Jae Myung said Monday.

He stressed the expansion of the two countries’ economic partnership at a Korea-China business forum that took place at the Diaoyutai State Guesthouse in Beijing, part of Lee’s four-day state visit to the country.

It was the first business forum held between the two nations since 2017.

At the forum, Lee called for “new engines of growth” to reinvigorate a bilateral trade relationship that has stalled at about $300 billion per year. He spoke before some 600 delegates, including 416 Korean business representatives and China’s Vice Premier He Lifeng, who oversees economic affairs.

“Consumer goods including beauty products and food, as well as cultural content such as film, music, games and sports, can become new breakthroughs,” he said in his address.

He added that future-oriented technologies, particularly AI, could elevate bilateral cooperation to a new level.

“AI will broaden and deepen cooperation across the manufacturing and service industries,” the Korean president said.

President Lee Jae Myung delivers his opening remarks during a Korea-China business forum held at Diaoyutai State Guesthouse in Beijing, Monday. Yonhap

While acknowledging that Korea and China have long supported each other’s development through closely interconnected industrial supply chains and that both have played leading roles in the global economy, Lee said the current global economic and trade environment no longer allows countries to simply follow established paths.

“Technology is changing direction at a rapid pace, and supply chains have become as unpredictable as ocean currents,” the president said. “If we rely solely on past momentum, we risk missing critical turning points. Now is the time to chart new routes.”

Lee also stressed the need for the two countries to find common ground for deeper cooperation. Invoking a maritime metaphor, he likened the neighboring nations to “ships sailing the same sea in the same direction.”

“As with human relationships, if we focus only on differences, we will drift endlessly apart. If we find common ground, we can grow endlessly closer,” he said.

President Lee Jae Myung shakes hands with Samsung Electronics Executive Chairman Lee Jae-yong at a Korea-China business forum held at Diaoyutai State Guesthouse in Beijing, Monday. Yonhap

At the forum, China’s vice premier, who oversees the country’s trade policy, said that companies from both nations will continue to deepen exchanges and cooperation, unlocking new potential and lifting bilateral collaboration to a higher level.

“Since the establishment of diplomatic ties in 1992, China and Korea have maintained a stable strategic cooperative partnership, achieving shared prosperity through exchanges and cooperation across various fields,” the Chinese trade chief said. “The bilateral relationship has kept pace with the times, served the interests of both peoples, contributed to global peace and development and become a model for broad-based international cooperation.”

Samsung Electronics Executive Chairman Lee Jae-yong, left, speaks with Hyundai Motor Group Executive Chair Chung Euisun, center, and LG Group Chairman Koo Kwang-mo during a Korea-China business forum held at Diaoyutai State Guesthouse in Beijing, Monday. Yonhap

The forum was attended by leading business figures from both countries. Korean participants included SK Group Chairman and Korea Chamber of Commerce and Industry Chairman Chey Tae-won, Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo, POSCO Holdings Chairman Chang In-hwa, GS Group Chairman Huh Tae-soo, CJ Group Chairman Sohn Kyung-shik, LS Holdings Chairman Koo Ja-eun, Hyungji Group Chairman Choi Byung-oh, SM Entertainment CEO Jang Cheol-hyuk and Krafton CEO Kim Chang-han.

Chinese attendees included China Council for the Promotion of International Trade Chairman Ren Hongbin, Sinopec Group Chairman Hou Qijun, China Energy Engineering Corp. Chairman Ni Zhen, Industrial and Commercial Bank of China Chairman Liao Lin, TCL Technology Group Chairman Li Dongsheng, CATL Chairman Zeng Yuqun and Jiangsu Yueda Group Chairman Zhang Naiwen.

In total, 32 memorandums of understanding were signed between companies from the two countries during the forum, spanning a broad range of industries. The signed agreements cover cooperation in artificial intelligence and autonomous driving platform development, expanded market access for consumer goods and food products and joint projects in intellectual property-based content, including collaborations involving K-pop artists.