After an economic cooperation exchange meeting with the Jiangsu Province government in China, the Korean government asked for the cooperation in urea supply and electricity use.
The Korean Ministry of Trade, Industry and Energy held the ‘Korea-China Joint Plan for Economic Cooperation’ meeting at the Grand Intercontinental Hotel in Seoul on the 29th and discussed mutual issues.
Jiangsu Province is Korea's largest trading and investing region in China, accounting for 26% of Korea-China trade and 24% of Korea’s investment in China.
In 2020, the trade volume between Korea and China increased 1.65% year-on-year to $69.963 billion (about 83.7 trillion won), and this year, it has reached $67.241 billion (about 80.4 trillion won) in the first to third quarters, up 17.2% year-on-year.
The Trade Ministry has regularly held Korea- Jiangsu Province Economic Cooperation meeting since the MOU to strengthen economic trade cooperation between Korea and Jiangsu Province in May 2016. This year’s meeting was held as a video conference in consideration of the COVID-19 situation.
The two sides said that they succeeded in minimizing the negative impact of COVID-19 and leading the stable growth of Korea- Jiangsu Province trade through close cooperation and exchanges.
The two sides also agreed to actively support exchanges and cooperation each other to create investment hubs by using industrial complexes in two countries such as Korea’s saemangeum area and China’s Yancheng.
In addition, measures to address unstable factors in business environment, such as restrictions on electricity use by Chinese government and the global supply chain risk caused by shortage of the urea.
By Global Economic Reporter Ji-hye Yang ; translate by Gounee Yang