By Diplomacy Journal Lee Kap-soo

Choi Jin-shik, chairman of the Federation of Middle Market Enterprises of Korea (FOMEK), met with Chinese Ambassador to South Korea Dai Bing, who visited the federation on July 16, and stated that practical Korea-China economic cooperation must be urgently restored and strengthened in order to effectively respond to changes in the global economic environment.

Choi said, “Although exchanges between the two countries have significantly decreased in recent years in all areas, including the economy, China, which is the largest trading partner and one of the top three target countries for mid-sized companies, is a long-standing neighbor, a huge consumer market, a production base, and a key supplier of raw materials, making it a very important partner for the Korean economy.”

He emphasized, “We must actively cooperate to address complex challenges that no single country can solve alone, such as supply chain restructuring, climate crises, and aging populations, and explore new growth paths appropriate for each country’s stage of development.”

Chairman Choi said, “Although there have been conflicts both large and small, the two countries have maintained steady exchanges since ancient times due to their historical ties and geographical proximity. We must develop this relationship into a practical and mutually complementary cooperative relationship befitting the global capitalist system.”

He added, “By expanding opportunities for solidarity and cooperation with ASEAN+3 as well as many countries in Northeast and Southeast Asia, we hope to strengthen the autonomy of the region, which constitutes an important pillar of the global economy.”

In response, Chinese Ambassador Dai Bing said, “Mid-sized Korean companies are important partners of the Chinese economy and industry, equipped with technological capabilities and flexible response capabilities, and are the core of strengthening economic cooperation between the two countries.”

He added, “We will actively support the smooth entry of mid-sized Korean companies into China and will communicate closely with the FOMEK to further expand cooperation and exchanges between the two countries.”

Chairman Choi said, “Over the past 20 years, China’s economic status and industrial competitiveness have grown exponentially. We must rigorously examine the changed realities of both countries and continuously expand the quantity and quality of economic cooperation between the two countries, such as by reaching a mutually beneficial conclusion in the ‘Korea-China FTA Phase 2 Negotiations,’ which has been criticized for its asymmetrical concession structure.”

He added, “Given the deep understanding of the value of the Korean economy and mid-sized companies demonstrated by Ambassador Dai Bing, we will do our utmost to ensure that substantive communication and cooperation based on sincerity and vision, rather than mere diplomatic rhetoric, continues.”