Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, fourth from left, speaks during the third Korea-China Employer Meeting in Shanghai, Thursday. Courtesy of KEF
The Korea Enterprises Federation (KEF), a business lobby representing employers, held the third Korea-China Employer Meeting in Shanghai on Thursday, discussing ways to strengthen bilateral economic cooperation with Chinese business leaders.
Jointly hosted by the China International Council for the Promotion of Multinational Corporations (CICPMC), the meeting focused on the importance of cooperation between the two countries’ companies amid growing global economic uncertainty, as well as exploring new growth opportunities through expanded cooperation in emerging industries.
More than 50 business leaders and government officials attended the event, including KEF Chairman Sohn Kyung-shik, Bank of China Board Chairman Ge Haijao, Shanghai Vice Mayor Lu Shan, CICPMC Vice Chairman Su Deliang and Minister-Counselor for Economic Affairs of the Korean Embassy in China Kim Jin-dong.
“Since establishing diplomatic ties in 1992, Korea and China have achieved remarkable growth across trade, investment and industries on the back of close economic cooperation,” Sohn said.
“Bilateral trade has expanded more than 40 times from $6.3 billion in 1992, a result built together by Korean and Chinese businesses through mutually complementary economic cooperation.”
Sohn noted that the global economy is facing growing uncertainties amid rising geopolitical tensions, high oil prices, persistent inflation, rapid industrial transformation and the restructuring of global supply chains.
Under these circumstances, he stressed that cooperation between businesses is more important than ever, and partnerships in emerging industries such as artificial intelligence, batteries, advanced vehicles and biopharmaceuticals will create new opportunities.
Sohn said the Korea-China summit in January and the ongoing talks for a bilateral free trade agreement will serve as an institutional foundation for economic cooperation, while calling on both governments to ease regulations and expand policy support for emerging industries.
Ge said economic cooperation between Korea and China has evolved from a division of labor into broader collaboration, contributing to both regional and global economies. He added that he hopes the meeting will help uncover new models of bilateral cooperation and fresh growth drivers.
Source: Korea Times News
