Korea Chamber of Commerce and Industry (KCCI) Vice Chairman Woo Tae-hee speaks during the Korea-China Global Economic Forum at the Banyan Tree Club and Spa Seoul Hotel on Nov. 9. Photo courtesy of the KCCI

KCCI hosts online forum for cooperation of two neighboring countries

The Korea Chamber of Commerce and Industry (KCCI) and the Ministry of Trade, Industry and Energy held a forum earlier this week in Seoul for businesspeople in Korea and China.

The Korea-China Global Economic Forum brought about such high-profile guests as Korea’s Trade Ministry Director-General Chun Yoon-jong, Chinese Ambassador to Korea Xing Haiming, Hyundai Research Institute CEO Lee Dong-geun, and KCCI Vice Chairman Woo Tae-hee.

Korea Institute of International Economic Policy President Kim Heung-chong delivered a keynote speech to stress the significance of Sino-Korean collaboration.

Economic experts from the two neighboring countries held three sessions about the bilateral cooperation and promising business sectors amid the virus outbreak.

Participants in the sessions concurred that the two countries have to set up a closer relationship to deal with the economic crisis posed by COVID-19 and its aftermaths.

Included in the panelists are Chen Jingwei from the Chinese Academy of Social Sciences, SPDB chief analyst Tony Shen, and Management Institute of China head Park Seung-chan.

Prof. Kim Wook from Konkuk University noted that Korea must take advantage of the RCEP to make more immense opportunities in its largest trading partner.

Short for the Regional Comprehensive Economic Partnership, the RCEP is the 15-country free-trade block that includes South Korea, China, Japan, Australia, New Zealand, and 10 Southeast Asian states.

KCCI Vice Chairman Woo said that the two countries are required to join forces to build a win-win relationship.

“To grapple the reshaping of global cooperative networks and a paradigm shift toward a digital economy, Korea and China need to team up. Such an alliance is more significant than ever,” Woo said.

“At a time when the fifth anniversary of the free trade agreement nears, I hope today’s forum will be a milestone for China and Korea to overcome the virus crisis and create a fresh collaboration model in new digital business.”