Doing Business in China

China and South Korea launched an economic and trade cooperation online initiative

As an information cooperation project promoted by the governments of the two countries, the planned website will cover various sectors, including trade, investment, market, and economic technology cooperation. In addition, during a recent high-level meeting, the two parties exchanged views about issues such as expansion of bilateral trade and investment, implementation of trade in services, and strengthening of high-tech cooperation.

Chen Deming, director of the Ministry of Commerce of China, said the strategic partnership between China and South Korea creates a new chance for deepening the bilateral economic and trade cooperation. He suggested three focuses for the cooperation between the two parties: first is to promote the exchange and cooperation in green industries like new and renewable energy, energy saving, and environmental protection; second is to enhance cooperation in electronic information and communication technology while cultivating high-tech projects and putting the research results into practice; third is to further serve the enterprises and promote mutual investments.

Choi Kyung-Hwan, minister of the Ministry of Knowledge Economy of South Korea, said having established diplomatic relations for 17 years, South Korea and China have achieved great developments in economy and trade. Over 20,000 South Korean companies have invested in China and the country welcomes more Chinese companies to invest in South Korea.

In 2008, the bilateral trade between China and South Korea reached USD180 billion, which was 37 times of that at the establishment of their diplomatic relations. By September 2009, the accumulated mutual investments between the two had reached USD45 billion, 100 times as that at the establishment of the diplomatic relations.

China and South Korea launched an economic and trade cooperation online initiative