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S. Korea, China's Shandong discuss ways to boost economic cooperation

Economy 15:00 March 10, 2023

SEOUL, March 10 (Yonhap) -- Senior officials of the South Korean government and China's eastern province of Shandong discussed ways Friday to enhance cooperation on supply chains, logistics and overall economic cooperation, Seoul's industry ministry said.

Deputy Trade Minister Jeong Dae-jin and Song Junji, the province's secretary-general, held dialogue on economic cooperation in Seoul, as the Chinese official made a visit to South Korea. The last meeting of the same kind last took place in December 2019, according to the Ministry of Trade, Industry and Energy.

During the talks, Jeong asked for the Shandong government's efforts for creating "predictable" business circumstances for South Korean companies operating there and called for joint work to deepen the economic relationship in various factors by maximizing their geographical proximity, the ministry said.

The two sides also agreed upon close consultations on their upcoming economic and trade cooperation event set to take place later this year, it added.

Around 8,680 South Korean companies were operating in Shandong as of end-2022, which accounted for around 30.5 percent, the largest amount, of all Korean companies doing business in the neighboring country.

Trade between South Korea and the Shandong province came to US$42.3 billion in 2022, accounting for 12 percent of the total trade between South Korea and China, government data showed.


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