Minister of Trade, Industry and Energy Kim Jung-kwan stated on November 6 that he will support exchanges between South Korean and Shandong Province companies to achieve investment results.
Minister Kim made the remarks during the 9th Korea-China Economic and Trade Cooperation Exchange held in Yantai, Shandong Province, co-hosted by the Ministry and the Shandong provincial government.
Shandong Province ranks third in economic scale (GRDP) and second in population among China's 31 provinces and municipalities, with trade volume with South Korea reaching $38.9 billion last year. Notably, about 30% of South Korean companies operating in China (approximately 8,763 firms) are based in Shandong, creating favorable conditions for expanding the market for South Korean consumer goods in China.
More than 300 participants, including government officials and business representatives from both sides, attended the exchange, discussing cooperation in consumer goods, biotechnology, and green development industries.
In his opening remarks, Minister Kim emphasized the need to further expand cooperation in consumer goods and new industries based on the accumulated cooperation foundation between South Korea and Shandong. He pledged to actively support exchanges between companies to lead to tangible trade and investment outcomes.
As part of the exchange, three memorandums of understanding (MOUs) were signed between institutions and associations for cooperation in certification and global expansion. An MOU was also signed between KOTRA and an anchor company (Atomy) to support the entry of South Korean small and medium-sized cosmetics companies into the Chinese market.
Additionally, a 'K-Consumer Goods Export Consultation Meeting' was held to support the practical business outcomes of domestic companies.
During the consultation, 28 promising consumer goods companies engaged in over 200 export consultations with local Chinese distributors and regional buyers, resulting in three export agreements for products such as Gwangcheon Gim (seaweed) and microbiome health products. Furthermore, 18 cooperation MOUs between South Korean and Chinese companies and institutions were initiated.
* This article has been translated by AI.
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