Beijing: President Lee Jae Myung emphasized the need for South Korea and China to broaden their cooperation in artificial intelligence (AI), beauty, and cultural products, suggesting that these sectors could lead to a significant breakthrough in bilateral trade. Lee made these comments at a business forum with leading executives from both countries at the Diaoyutai State Guesthouse, just before a summit with Chinese President Xi Jinping.
According to Yonhap News Agency, Lee highlighted that South Korea and China are "ships that sail on the same sea in the same direction," underscoring their interconnected industrial supply chains that have bolstered the global economy. He indicated the urgency of adapting to the rapidly changing global trade environment, driven by technological advancements and unpredictable supply chains.
Lee pointed out that bilateral trade has plateaued at approximately US$300 billion annually. He stressed the necessity of exploring new growth avenues in advanced technologies and cultural products. "We need to forge a new level of cooperation through future technologies, like AI, which can deepen collaboration across both manufacturing and services," Lee stated.
Lee also identified consumer goods such as household products, cosmetics, and food, along with cultural content like films, music, games, and sports, as potential areas for economic breakthroughs between the two nations. The forum was organized during Lee's state visit to China, as South Korea aims to expand economic ties in sectors like semiconductors, batteries, and emerging cultural industries.
The business forum saw participation from around 600 delegates, including over 400 South Korean representatives from 161 companies and about 200 Chinese participants, as per Cheong Wa Dae. Notable South Korean figures included Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chair Euisun Chung, SK Group Chairman Chey Tae-won, and LG Group Chairman Koo Kwang-mo.
Samsung Electronics and SK hynix, the leading global memory chip manufacturers, operate semiconductor plants in China, while LG Energy Solution runs a battery plant in Nanjing. Despite Hyundai Motor and Kia having production facilities in Beijing and Yancheng, the automakers have faced challenges in the Chinese auto market. Hyundai Motor Chairman Chung expressed plans to enhance production and sales in China, aiming to leverage improved bilateral relations post-summit.
The forum also featured Jang Cheol-hyuk of SM Entertainment and Kim Chang-han of Krafton, pointing to potential collaborations in the cultural and gaming industries. Chinese participants included Ren Hongbin, chairman of the China Council for the Promotion of International Trade; Fu Qijun of Sinopec Group; Ni Zhen of China Energy Engineering Group; and Liao Lin of the Industrial and Commercial Bank of China.
Executives from Chinese firms such as TCL Technology, CATL, LANCY, Tencent, and ZTE were also present. Chinese Vice Premier He Lifeng, representing the Chinese government, welcomed Lee's visit and expressed optimism for the summit's potential to elevate bilateral relations. He emphasized promoting "mutual understanding" and strengthening "multilateral collaboration" to discover new cooperative opportunities.