Korea, China agree to set up joint investment committee

Korea and China Tuesday agreed to set up a joint committee on investment and cooperation to promote bilateral trade, the Ministry of Commerce, Industry and Energy said Tuesday.

Commerce, industry and energy minister Chang Che-Shik and Shi Guangsheng, China`s minister of foreign trade and economic cooperation, signed an agreement to establish the committee that day after the two met at the Chinese ministry`s guesthouse in Beijing, China.

At the meeting, the Korean minister asked China to allow Korean companies to participate in the Chinese code division multiple access (CDMA) project, and in return he proposed that Korea purchase 5 to 10 million tons of coal from China each year in addition to the current imports of 8 million tons.

Kim Sang-Cheol sckim007@donga.com