According to Yonhap News,
South Korea's industry ministry said Friday it has discussed bolstering bilateral cooperation with China's eastern province of Jiangsu in supply chains and trade.
Kim Jong-chul, director general for international trade relations at the Ministry of Trade, Industry and Energy, met with Zhou Bin, Communist Party Secretary of Yancheng municipality in Jiangsu, to discuss various measures to strengthen bilateral economic cooperation, according to the ministry.
The meeting took place earlier Friday in Seoul.
Jiangsu Province is considered one of the most important areas in China for supply chain cooperation between Seoul and Beijing, with a number of major Korean companies operating there, including chipmakers Samsung Electronics Co. and SK hynix Inc., carmaker Kia Corp., and battery maker LG Energy Solution Ltd.
Last year, 24.5 percent of yearly trade between South Korea and China came from the region. Nearly 28 percent of South Korea's accumulated investment in China has also been made in Jiangsu, according to the ministry.
In the meeting, Kim called for joint efforts to stabilize the supply chain between the two countries amid heightened uncertainties in global trade.
Kim also asked for the Jiangsu and Yancheng governments' efforts to create a stable business environment for Korean companies there.
Zhou shared the need for stronger supply chain relations and vowed to continue efforts to enhance business environment for Korean companies, calling South Korea the "most important" partner for economic cooperation, the ministry said.
nyway@yna.co.kr
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Source: Yonhap News (February 14, 2025)