China and South Korea Deepen Bilateral Exchange on Trade, Economy

by | 16. Nov 2023 - 10:50 | Politics

Ministers and industry representatives held inaugural economic meeting in Changchun.

Chinese and South Korean industry representatives and ministers have met in Changchun, Northeast China, to discuss “practical bilateral cooperation” at the inaugural South Korea-China economic cooperation and exchange meeting. According to the state-affiliated Chinese newspaper Global Times, the two countries vowed to deepen cooperation in various fields, such as advanced manufacturing, digital economy, and green and low-carbon fields, as the close proximity enables pragmatic bilateral exchanges. South Korean news agency Yonhap News added that the two nations will hold similar meetings on an annual basis to evaluate joint investments and explore business cooperation. Officials from both countries signed a memorandum of understanding to establish ministerial meetings on supply chains and trade in August last year.

South Korea is a high-tech hub in Asia, from the automotive sector to sophisticated semiconductors. At the same time, the tech powerhouse lacks critical minerals and depends on import supplies, mainly from China. While the government has announced plans to change this through increased cooperation with other resource-rich nations and an increased focus on recycling, South Korea’s dependence on China is growing, especially in the fields of cobalt and lithium, used for batteries, and the noble gases neon, krypton, and xenon, needed for chip production.

Photo: iStock/hh5800

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