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| ▲ South Korean President Lee Jae Myung (C, 1st row) and Chinese Vice Premier He Lifeng (5th from L, 1st row) join a group photo session during a forum between businesspeople of South Korea and China at the Diaoyutai State Guesthouse in Beijing on Jan. 5, 2025. (Yonhap) |
S Korea-China-biz MOUs
S. Korean, Chinese firms sign 9 MOUs for cooperation in consumer goods, supply chains
SEOUL, Jan. 5 (Yonhap) -- South Korean and Chinese companies have signed nine memorandums of understanding (MOUs) for cooperation in consumer goods, content and supply chain sectors, marking President Lee Jae Myung's state visit to China, the industry ministry said Monday.
The MOUs were signed during a Korea-China business forum held in Beijing ahead of summit talks between Lee and Chinese President Xi Jinping.
The business event was attended by the top executives of major companies and economic organizations from the two countries, including 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 from Korea, and Ren Hongbin, chairman of the China Council for the Promotion of International Trade, and Fu Qijun, chairman of Sinopec Group, from China, according to the Ministry of Trade, Industry and Resources.
In the consumer goods sector, Korea's retail giant Shinsegae Group signed an initial agreement with China's Alibaba International to export Korean consumer goods through Alibaba's online platform, the ministry said in a press release.
Three other MOUs were signed between Korea's fishcake maker Samjinfood Co., agriculture technology firm Farmstaff and biotech company PharmaResearch, and their respective Chinese partners to expand exports of Korean food and beauty products to China.
Content and gaming companies from the two countries signed three MOUs for joint development of cultural content related to K-pop, entertainment and film.
In the supply chain sector, Korean future mobility company SWM reached an initial agreement with Lenovo, a global IT company based in China, to jointly develop a computing platform for commercialization of level 4 autonomous vehicles.
Keosung Ltd., a Korean manufacturer, and China's BF Nano Tech have agreed to jointly construct a materials factory for power generation and water treatment, according to the ministry.
"Korea and China have been continuing their momentum for economic and trade cooperation, with President Lee Jae Myung paying a state visit to China just two months after a meeting between the countries' leaders held during the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju," Industry Minister Kim Jung-kwan said, while vowing efforts to help Korean companies expand their foothold in the Chinese market, according to the ministry.
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