Korea, Jiangsu Boost Trade Cooperation

Seoul Seeks Tangible Results With Top Chinese Trading Partner on May 20

Yeo Han-koo, Minister for Trade of the Ministry of Trade, Industry and Energy, met with Zhao Yan, Vice Governor of China’s Jiangsu Province, on May 19 (local time) on the sidelines of the jointly hosted “7th Korea-Jiangsu Province Economic and Trade Cooperation Exchange” in Yancheng, Jiangsu Province, China, to discuss measures for Korea-China industrial park cooperation and supply chain cooperation. (Photo provided by the Ministry of Trade, Industry and Energy)

The Ministry of Trade, Industry and Energy announced that Minister for Trade Yeo Han-koo attended the “7th Korea-China (Jiangsu) Economic and Trade Cooperation Exchange,” jointly hosted by the ministry and the Jiangsu Provincial Government on May 20 in Yancheng, Jiangsu Province, China, and held meetings with senior Jiangsu officials, including Vice Governor Zhao Yan.

The exchange forum was convened under the theme of “Korea-China, Expanding Future-Oriented Cooperation,” with more than 400 government officials and business representatives from both sides in attendance, during which discussions were held on measures to advance trade, investment, and supply chain cooperation. Jiangsu Province ranks second in economic scale (GRDP) among China’s 31 provinces and municipalities and is Korea’s largest trading and investment destination, with bilateral trade between Korea and Jiangsu last year reaching approximately $86.3 billion — the fourth largest on a country-equivalent basis, following Vietnam at $94.5 billion. In particular, more than 3,000 Korean companies have established operations in the province across sectors including automobiles, batteries, and semiconductors — among them Samsung Electronics in Suzhou, SK Hynix in Wuxi, Kia Motors in Yancheng, and LG Energy Solution in Nanjing — making Jiangsu a strategically important region for building a stable supply chain between Korea and China.

At this year’s exchange forum, a one-on-one business consultation session was held for the first time to support tangible business outcomes for Korean companies. Organized by the Korea International Trade Association, the event brought together 35 promising Korean consumer goods companies, which conducted export consultations with major Chinese distributors — including JD.com — and local buyers, while a showcase exhibition hall displaying participating companies’ products drew a strong response from visitors. Through the event, more than 300 consultations were conducted in total, and Korean companies including Gwangcheon Kim (food products) and Hyosung Advanced Materials (anode materials) signed a total of 11 agreements with Chinese partner companies, recording export agreement value of $2.3 million.

Meanwhile, at the consultation session, the memorandum of understanding signed between Gmarket and Alibaba on the occasion of the Korea-China summit last January was utilized to support participating companies’ global reverse cross-border export activities, while the Korea Trade Insurance Corporation and the Korea Testing and Research Institute (KTR) set up consulting desks to provide advisory services to Korean companies on challenges related to certification, insurance, and other matters.

In his opening remarks, Minister for Trade Yeo stated, “We will actively support efforts to translate the cooperative momentum built through the mutual state visits between the leaders of Korea and China into tangible outcomes,” and emphasized, “China’s local governments have an economic scale comparable to that of individual countries, each with distinct industrial ecosystems, and it is therefore necessary to pursue region-specific tailored cooperation — which we will continue to advance through exchange forums and ongoing dialogue.”

Discussions were also held on measures to expand Korean consumer goods’ access to the Chinese market, with views exchanged on strategies for increasing Korean consumer goods exports through new digital marketing channels such as cross-border e-commerce and live commerce, while a roundtable meeting with Korean-invested companies was held to hear about business challenges and discuss support measures.

Jung Suk-yee