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  • KITA Successfully Held ‘Chongqing Forum for Korea-China Cooperation’

    KITA Successfully Held ‘Chongqing Forum for Korea-China Cooperation’

    - Companies from Korea and China discussed ways to cooperate to enter into China’s Midwest and third countries -


    The Korea International Trade Association (Chairman, Kim Young-joo) and XiongXue at the Chongqing Commerce Commission held the ‘Chongqing Forum for Korea-China Cooperation in Chongqing, China on December 16, Saturday (local time). Approximately 300 Korean and Chinese business people participated in this forum, which was designed to seek industrial cooperation between the two countries and cooperation measures to advance into third countries on the occasion of the Korea-China summit.


    Chairman Kim Young-joo of the Korea International Trade Association stated in his opening speech, “Chongqing is a key location for the Chinese government’s one belt one road initiative* as it is a key hub in the western region of China as well as transportation hub connecting Eurasia. This Chongqing Forum for Korea-China Industrial Cooperation will be a significant occasion to discuss the possibility of joint development by combining with Korea’s new northern and new south policies. "

    *An important project that accounts for more than one-third of global GDP, encompassing 4.6 billion people in 65 countries 


    President Moon Jae-in delivered the keynote speech in the forum and some 150 officials from Korean companies and chief executives of the organizations, including Korea's leading companies such as Hyundai Motor, SK Hynix, Hyundai E & C, LS Cable & System, Korea Railroad Facilities Corporation, The Korea Water Resources Corporation and Korea Trade Insurance Corporation. In addition, some 150 officials from well-known Chinese companies such as CHONGQING CHANGAN AUTOMOBILE Co., Ltd.,  Alibaba,  Chongqing Construction Engineering Group Co., Ltd., and Chongqing Foreign Trade and Economic Cooperation Group Co., Ltd., took part in the event.


    During the forum, Huang Qun Hui at the Industrial Economics of Chinese Academy of Social Sciences(CASS) elaborated on the bilateral industrial cooperation measures between Korea and China for one belt one road initiative and Zhong Sheng Xiang at the Chongqing Development and Reform Commission presented on the cooperation measures between Korean companies and Chongqing city.  Liu Hang Long, Vice-president of Chongqing University, delivered a presentation on the future industrial cooperation measures between Korea and China through human exchanges.


    Chairman Kim Young-woo of the Korea Railroad Authority proposed to collaborate and develop next-generation high-speed rail technology and establish world rail standard as the Korean and Chinese governments are working on the measures to connect Europe-Asia to a single continent. In addition, Ryu Chang-sung, head of Beijing office of Hyundai Engineering & Construction Co., Ltd., suggested expanding cooperation with Chinese construction companies utilizing the advantages of Korean construction companies’ years of overseas construction experiences and actively seeking the ways to participate together in infrastructure construction projects for the one belt one road initiative. 


    The managing director Kim Jong-hoon at LS Cable &system stressed that they were making efforts to expand global business with China, including participating in the overseas projects such as Middle East and Asia. For instance, in the recently won project to modernize Bangladesh power distribution system, China's LS Hongqi Cable produces and supplies the products through the loan from China-led AIIB and LS Cable headquarters in Korea is responsible for construction and engineering. Wei Chen at Alibaba Group Tmall Global introduced Ali Express, a B2C wholesale platform which takes up 45.4 percent of user share in the countries in one belt one road region.


    On the other hand, the Chongqing Forum for the Korea-China Industrial Cooperation was also accompanied by a business luncheon, which helped to alleviate the awkward atmosphere, which could be created due to the THAAD issue, and build networks between business people. An official from Company A said, "We have become more interest in Chongqing and the Midwest region of China through today's forum. We hope that this forum will be a new opportunity for the two countries to cooperate for one belt one road initiative as well as the future industrial cooperation. 

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