South Korean business group“Korea General Association of Business Operators” and the China Association for the promotion of international multinational companies (CICPMC) jointly held the third korea-china business leaders’ economic meeting in Shanghai Wednesday, South Korean media reported Sunday. In the context of global supply chain restructuring and intensifying industrial competition, South Korea calls on the two countries to further strengthen cooperation in emerging industries such as AI, semiconductors and batteries to jointly find new growth drivers.
More than 50 representatives from business and government departments of the two countries attended the meeting, Yonhap News Agency reported. Samsung Electronics, Hyundai Motor Group, SK Group, LG Chemical, Korean Airlines and other 19 major South Korean companies also participated in related activities. South Korean media said the meeting sent a signal that the South Korean business community wants to further strengthen cooperation with China in high-tech and future industries in the context of global supply chain restructuring.
In his speech, South Korea’s Seoul News said that since the establishment of diplomatic ties between South Korea and China in 1992, the trade volume between the two countries has increased by more than 40 times from US $6.3 billion, this is mainly due to the long-term complementary cooperative relationship between Korean and Chinese enterprises. At present, the global economy is facing increasing geopolitical tensions, as well as uncertainty caused by the“Three highs” of high oil prices, high exchange rates, and high commodity prices. At the same time, technological progress is driving rapid industrial transformation, the restructuring of global supply chains is also accelerating. Against this backdrop, economic co-operation between Korean and Chinese businesses is“More important than ever”.
Sun said that if the two sides can strengthen cooperation in emerging industries such as artificial intelligence, semiconductors, batteries, future cars, biomedicine, and green environmental protection, it will help both sides become more competitive in the global market.
In an interview with a special reporter of the Global Times on the 7th, a South Korean industry insider said that with the reconstruction of the global supply chain and the increasingly fierce competition in the industry, closer cooperation between companies from the two countries in areas such as artificial intelligence, chips, batteries and future mobility will not only help companies find new growth opportunities, but also help maintain the stability of Asia’s manufacturing and technology industry chains. (Li Zhiyin)