Sohn Kyung-shik, chairman of the Korea Enterprises Federation (KEF), said Korean and Chinese companies could secure global competitiveness by joining forces in emerging industries such as artificial intelligence (AI), batteries, future mobility, biotechnology and green technology, during a meeting with Chinese business leaders on Monday.
Sohn made the remarks in his opening address at the 3rd Korea-China Business Leaders Meeting held in Shanghai, China. "Global economic uncertainty has significantly expanded due to rising geopolitical tensions, the 'three highs' of high oil prices, high exchange rates and high inflation, rapid industrial transition driven by technological advances, and the restructuring of global supply chains," he said. "Economic cooperation between Korean and Chinese business leaders is more important than ever."
The Korea-China Business Leaders Meeting is an exchange event jointly hosted by the KEF and the China International Council for the Promotion of Multinational Corporations (CICPMC), a Chinese economic organization. Held annually since 2024, the event primarily addresses measures to improve the investment environment for companies in both countries. A total of 48 major companies from both nations attended Monday's event, including Samsung Electronics (005930.KS), Hyundai Motor (005380.KS), SK, LG Chem (051910.KS) and CATL, alongside Sohn and Ge Haijiao, chairman of Bank of China and Chinese co-chair of the meeting.
Sohn noted that governments in major countries are actively supporting their domestic advanced industries, and called on the Korean and Chinese governments to ease regulations that hinder corporate activities and investment. Ge responded: "Economic cooperation between the two countries has evolved from division of labor to collaboration, contributing to regional and global economies. We hope the Korea-China Business Leaders Meeting can help identify new cooperation models and growth drivers between the two countries."
The Korean business delegation attending the event plans to meet with the mayor of Shanghai on Tuesday to deliver their proposals and suggestions.
