Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), and concurrently chairman of the SK Group, said on Aug. 24, "Korea and China desperately need economic cooperation between entrepreneurs based on trust more than ever."
"Uncertainty is growing in various areas such as economic contraction caused by inflation, rising energy and raw material prices, and international disputes," Chairman Chey said at the "Business forum to commemorate the 30th anniversary of diplomatic relations between Korea and China."
The forum was held jointly with the KCCI, the China Council for the Promotion of International Trade (CCPIT), the Korea International Trade Association and the KOTRA.
Chey said, "Since the establishment of diplomatic ties between Korea and China, the two countries have been rapidly increasing trade, investment and economic exchanges."
Noting that Korea-China trade has increased 47 times compared to the time of establishing diplomatic relations, and China has become the largest trading partner, accounting for a quarter of Korea's total trade, he said, "China is Korea's second-largest investor. Last year, Korea invested a record $6.7 billion in China.”
The two countries' economic cooperation efforts have also resulted in the Korea-China FTA, he said. "The Korea-China FTA has served as a support for trade between the two countries despite the wave of protection trade."
He added, “The two countries' economic cooperation efforts have also resulted in the Korea-China FTA The FTA has served as a support for trade between the two countries despite the wave of protection trade."