16th KOREA-CHINA MEETING ON ECONOMIC COOPERATION
Korea and China Agree on Strengthening
Cooperation in Service and New industry Sector
Deputy Prime Minister Hong Nam-ki and He Lifeng, the Minister in charge of China’s National Development and Reform Commission (NDRC) attended 16th Korea-China Meeting on Economic Cooperation held virtually on October 16 along with senior government officials from both countries. The two governments reached an agreement on strengthening economic cooperation. The following is a summary of the meeting.
1. The two governments both agreed that it’s important to maintain balance between quarantine efforts and economic activities amid COVID-19
2. Continue to cooperate in joint pursuit of Korea’s new Northern and Southern Economic Cooperation Initiative and China’s Belt and Road Initiative
3. Continue to look for joint investment projects in third countries by strengthening working level cooperation channel. The Korean government suggested ways to expand business opportunities in green energy, and diseases prevention.
4. Cooperate in service industry
- Revitalize cultural exchange in cultural contents, tourism, and game industries.
- Suggested to designate 2021-2022 as “Korea-China Cultural Exchange Year” and resume Korea-China Friendship Concert.
- Share information on developing COVID-19 vaccines and the Chinese government’s plans to support in establishing joint hospital in Tsingtao.
5. Cooperate in new industry sector
- Agreed on the need to cooperate in hydrogen energy sector and continue cooperation in expanding private sector exchange, developing new technology, building a hydrogen infrastructure, securing safety when dealing with hydrogen, and also carrying out pilot projects related to hydrogen.
6. Continue to cooperate in making International Urban Cooperation pilot city between Korea-China, which is currently under construction, to be the new model of Korea-China economic cooperation.
Please refer to the attached pdf for the full press release
