For the first time in history, South Korea and China have decided to sign an MOU to reinforce collaboration in supply chain network and set up Collaborative Supply Chain Council. With the supply chain reform beginning in earnest led by the U.S., it is a conclusion from an in-depth discussion between economic ministers of China and Korea in circa two years.
According to the South Korean Ministry of Economy and Finance, Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, and He Lifeng, Secretary of the Communist Party of China (CPC) of National Development and Reform Commission (NDRC), hosted a video conference of “The 17th Korea and China Economic Ministers’ Meeting” and signed three MOUs including one on reinforcing supply chain network. The bi-lateral Economic Ministers’ Meeting took place in circa one year and eleven months since October 2020. An official from the Ministry of Finance and Economy explained that this meeting was meaningful that it initiated the dialogue for economic cooperation between the two countries.
South Korea and China recently reached a consensus that both countries’ supply chains of which the importance have been recently highlighted are mutually intricately connected. As a result, a new Collaborative Supply Chain Council of bureau director levels shall be set up. If issues including supply chain fluctuations incur, policy opinions will be exchanged through the Council and timely cooperation will be made. Seoul emphasized that the environment should be stable and foreseeable to make achievements from the Council and asked special interest from Beijing.
Furthermore, both countries signed an MOU on Reinforcement in Real Collaboration in Economic Field focusing on the joint hosting of the South Korea-China Exchange Meeting on Economic Collaboration. In the exchange meeting scheduled to take place from the second half of this year, agenda including own country’s policy introduction, listening to corporate difficulties, cooperation between regional cities, and exchanges among corporations and think tanks shall take place. An MOU on Joint Penetration to Third Countries has been signed and in-depth discussions over promotion of projects of which companies from both countries could jointly pursue took place.
During the meeting Deputy Prime Minister Choo Kyung-ho proposed normalization of the stagnant exchanges from Covid 19 and others based on the past 30 years of growth and development between the two countries to align with the quickly changing international environment. Furthermore, he emphasized that we must respond to the global uncertainties faced by both Korea and China and strengthen future collaboration. The deputy prime minister also asked for active support from the Chinese government so that the World Expo 2030 could be hosted by the marine city of Busan Korea.
Hee-Chang Park firstname.lastname@example.org