President Lee calls for new ‘breakthrough’ in Korea-China economic cooperation at business forum

President Lee Jae Myung speaks at a Korea-China business forum held at the Diaoyutai State Guesthouse in Beijing on Jan. 5. [JOINT PRESS CORPS]

 
BEIJING — President Lee Jae Myung emphasized the importance of expanding economic cooperation between Korea and China, saying that AI technology, beauty products, food items and cultural content can “offer new breakthroughs” at a bilateral business forum in Beijing on Monday.
 
“Korea and China are like ships sailing together in the same sea, heading in the same direction,” Lee said at the Korea-China business forum at the Diaoyutai State Guesthouse, as part of his four-day state visit for a summit with Chinese President Xi Jinping.
 
“While pursuing technological advancement and economic growth, each country has contributed to the development of the other through interconnected industrial supply chains, leading the global economy.”
 
 
However, he noted that despite such achievements, “the current global economic and trade environment no longer allows for the easy, established ways of the past.”
 
He stressed that “technology is rapidly shifting, and supply chains have become as equally unpredictable.” Thus, “relying solely on past momentum could lead to missing out during crucial turning points.”
 
“We must embark on a new path,” Lee said regarding the need for change. “It’s inevitable that we’ll hesitate, but if we don’t shift our direction, we may never find that new path.”
 
He said that Korea-China trade has stagnated at around $300 billion and indicated that it is essential to explore new routes and new markets.
 
“Korea and China share cultural values, thanks to their geographic proximity and historical ties,” Lee continued.
 

President Lee Jae Myung, left, listens at the Korea-China business forum held at the Diaoyutai State Guesthouse in Beijing on Jan. 5 during a state visit to the country. The event was attended by the heads of Korea’s top conglomerates including SK Group Chairman Chey Tae-won, second from left, Samsung Electronics Executive Chairman Lee Jae-yong, fifth from left, Hyundai Motor Group Executive Chair Euisun Chung, sixth from left, and LG Group Chairman Koo Kwang-mo, seventh from left. [JOINT PRESS CORPS]

 
According to Lee, “new levels of cooperation are possible and necessary through AI and other future technologies,” and “consumer goods such as household, beauty and food products, as well as cultural content including movies, music, games and sports, can offer new breakthroughs.”
 
He added that “AI will broaden and deepen cooperation in various sectors, including manufacturing and services.”
 
Lee was accompanied on the state visit to China, the first of its kind in nine years, by a large business delegation.
 
Some 600 people attended the forum, including 416 representatives from 161 Korean companies and 200 Chinese businesspeople.
 
This included China’s Vice Premier He Lifeng and business leaders from the two countries, including the heads of Korea’s four major conglomerates: Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung and LG Group Chairman Koo Kwang-mo.
 
The forum was also attended by Chang In-hwa, the chairman of Posco Group, and Sohn Kyung-shik, the chairman of CJ Group and the Korea Enterprises Federation, as well as Jang Cheol-hyuk, the CEO of SM Entertainment, and Kim Chang-han, the CEO of game developer Krafton, who represented Korea’s K-pop and gaming sectors, respectively.
 
China was represented by Ren Hongbin, the chairman of the China Council for the Promotion of International Trade; Fu Qijun, the chairman of Sinopec Group; Ni Zhen, the chairman of China Energy Engineering Group; and Liao Lin, the chairman of the Industrial and Commercial Bank of China.
 
Other Chinese businesses present include electronics maker TCL Technology, battery maker CATL, high-end fashion brand LANCY, tech and gaming giant Tencent and smartphone maker ZTE.
 

President Lee Jae Myung, center left, speaks at a Korea-China business forum held at the Diaoyutai State Guesthouse in Beijing on Jan. 5. [JOINT PRESS CORPS]

The businesspeople from both countries agreed to explore a “new economic cooperation model” at the Diaoyutai, a historical site where Korea-China diplomatic ties were first established.
 
These new models include manufacturing innovation and supply chains, creating new markets for consumer goods and cooperating on service and content production.
 
Chey, representing the Korean delegation, stressed that the forum was “prepared to continue the momentum of Korea-China cooperation created by President Xi Jinping’s visit to Korea last year, his first in 11 years, and to seek ways of cooperation that can be felt by the businesses and people of both countries.”
 
 
Update, Jan. 5: More details about the business forum agenda and attendees.  

BY SARAH KIM [[email protected]]