On the afternoon of November 22, Vice Minister of Commerce of PRC Wang Chao, at the invitation of the Embassy of the Republic of Korea in the People’s Republic of China and the Korea Chamber of Commerce in China, attended the High Level Symposium on Operation of South Korean and Chinese Enterprises in Beijing, and discussed with the principals of South Korea-funded enterprises in China at the Symposium.

Wang Chao expressed that this year is the 20th anniversary of diplomatic ties between China and South Korea. After 20 years of development, bilateral economic and trade cooperation between China and South Korea has formed a comprehensive, deep-level and win-win cooperation pattern with increasingly active trade and investment, improving economic cooperation mechanism and ever more extensive and intensive cooperation. Bilateral trade volume between China and South Korea has increased by nearly 50 folds compared with that when China and South Korea established diplomatic relation, has realized a great-leap-forward development from USD 100 billion to USD 200 billion within 5 years, and is moving towards the goal of USD 300 billion with respect to bilateral trade volume until 2015 as determined by the leaders of both countries. Until now, the cumulative direct investment in China by South Korea through over 50,000 of newly established enterprises has exceeded USD 52 billion, thus South Korea is the 7th largest source of foreign capital for China. Moreover, as the cumulative actual investment in South Korea by China has nearly reached USD 1 billion, it is believed that with the expansion of the strength of Chinese enterprises and the development of economic and trade relations between China and South Korea, an increasing number of Chinese enterprises will invest and develop in South Korea.

Wang Chao pointed out that China, Japan and South Korea have signed the Investment Protection Agreement this year, and inter-governmental negotiations on the China-ROK Free Trade Area is also moving forward. The day before yesterday, the economic and trade ministers of China, Japan and South Korea jointly announced the official launch of China-Japan-ROK Free Trade Area negotiations. All these circumstances create more favorable conditions for economic and trade cooperation between China and South Korea. Amidthe current complex and tough international economic situations, the stable and rapid development of bilateral economic and trade relationship between China and South Korea may not only bring real benefits to enterprises and people of both countries, but also promote the economic integration of East Asia, thus conducive to the prosperity and stability of the whole region. China and South Korea should take the opportunity of the 20th anniversary of diplomatic ties between both countries to continuously strengthen pragmatic cooperation on trade and investment, thus injecting new impetus into the development of strategic partnership between both countries.

During the Symposium, Wang Chao listened to the presentations byKorea Chamber of Commerce in China and the representatives of some South Korean enterprises on the experience on investment in China and fulfillment of corporate social responsibilities, expressed appreciation for the entrepreneurial and creative spirit of South Korean enterprises, affirmed their efforts to earnestly fulfill social responsibilities and actively participate in public welfare undertakings, and responded to questions South Korea-funded enterprises at the Symposium concerned. He emphasized that China will continue to broaden the fields for attraction of foreign investment, actively innovate ways of using foreign capital and further improve investment environment; Chinese government is willing to create a good environment and provide quality services for the enterprises of all countries (including South Korean enterprises) to conduct trade and investment cooperation in China for the purpose of continuously boosting foreign investors’ confidence in investment in China.

To further enhance investment cooperation level of Chinese and South Korean enterprises, Wang Chao made 4 suggestions to South Korean enterprises at the Symposium: firstly, to strengthen cooperation on high-end manufacturing and green low-carbon industries with Chinese enterprises; secondly, to invest more in modern service industry; thirdly, to seize the opportunity when China promotes the coordinated development of regional economy so as to invest more in the central and western regions of China; and fourthly, to actively expand overseas cooperation with Chinese enterprises, and “go global” with Chinese enterprises hand in hand.

The High Level Symposium on Operation of South Korean and Chinese Enterprises is sponsored by the Embassy of the Republic of Korea in the People’s Republic of China and the Korea Chamber of Commerce in China. Ambassador of South Korea in China Li Kuiheng attended and addressed the Symposium and a total of about100 personsincluding representatives of South Korean enterprises in China, South Korea industrial and commercial organizations in China and Chinese and foreign media attended the Symposium.

Translated by Peng Ling