Lee Embarks on Economic Diplomacy With China
By Michael Ha
Staff Reporter
President Lee Myung-bak focused on developing ``economic diplomacy" during the second day of his official visit to China.
President Lee, traveling with Korean business delegates, visited Sino-Korean mobile service research center and Beijing Life Science Research Center Wednesday. The President also delivered a speech at a gathering of Korean and Chinese business leaders.
On Tuesday, President Lee and Chinese President Hu Jintao agreed to raise the South Korea-China bilateral relationships to a ``strategic partnership," an upgrade from ``partnership of comprehensive cooperation'' under the Roh Moo-hyun administration. With the two nations agreeing to foster closer ties, President Lee is embarking on ``economic diplomacy" in earnest.
During a breakfast meeting with the Korean business delegation, President Lee briefed Korean business leaders on the outcome of the summit with Chinese President Hu Jintao. President Lee told business leaders that the Lee administration will actively support bilateral economic cooperation.
``My administration's job is to foster a partnership with the Chinese government in which we can discuss a range of topics in a frank manner," President Lee told the Korean business delegates.
``We will be able to hold regular ministerial-level meetings with Chinese officials in the area of economic and business cooperation. We will be able to address any potential disputes and problems in a timely manner."
Korea Chamber of Commerce and Industry Chairman Sohn Kyung-sik, who is member of the Korean business delegation, told reporters there is a concern among Korean companies.
``China is moving from a growth-oriented economy to an economy that focuses on stability. This is a concern for us," he said.
``The Chinese government is also cutting back on the benefits it has been providing to foreign companies doing business in China. That has been hurting Korean companies," Sohn told reporters.
SK Group Chairman Chey Tae-won, noted that when Korean companies conduct business in China, they are actually doing business with the Chinese government. ``The government and the economy is undistinguishable in China. So we can't help but ask for support from our government."
China is currently Korea's biggest export destination. In 2007, South Korea exported products worth $82 billion, while importing $63 billion worth of Chinese products.