Aiming to restore vitality to bilateral trade, China and South Korea convened a conference to endorse the 2023 China International Import Expo (CIIE) within Seoul’s borders. High-ranking officials, diplomats, and business leaders from both countries gathered at this event, searching for fresh opportunities during a worldwide economic downturn.
The conference pulsed with eager energy as corporations, hungry for economic recovery, viewed the expo as a catalyst for resurgence. Statistics from the Korea International Trade Association revealed a historic low since 2005, where exports from South Korea to China plummeted below 20% of the total within the year’s first quarter.
Even amidst the detrimental pressures on bilateral trade, both nations pledged to amplify their trade partnership. Xing Haiming, the Chinese Ambassador to the Republic of Korea, offered assured remarks about the ongoing scenario, “While bilateral trade has hit a few roadblocks, the economic and trade collaboration between our nations endures, brimming with potential. We harbor unwavering faith and resolution to stimulate our bilateral economic and trade relations towards unparalleled progression.”
Past CIIEs have spotlighted major South Korean conglomerates like Hyundai Motors, Amorepacific, and Pulmuone. These entities have harnessed the expo stage to exhibit their innovative technologies and superior products.
Anticipating a rise in trade, a larger pool of companies are set to present their products and services at this year’s CIIE, aspiring to broaden their footprint within the Chinese market and globally. This group includes LG Electronics, with Wen Xinghao, its Head of China & Europe Regions for the Commercial Washing & Drying Department, stating, “A substantial number of Chinese brands are actively creating their own commercial washing machines, catering to Chinese consumers’ preference for superior products. LG too is diligently working on refining their offerings for this market.”
It has been reported that a considerable number of South Korean firms have preemptively secured deals, looking forward to the impending CIIE in November. Optimism runs high that the expo will spark new vitality and breathe life back into bilateral trade between China and South Korea, during an era of shifting trade dynamics and supply chain reorganization.
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