Korea and the Chinese province of Guangdong recently held the second Korea-Guangdong Economic and Trade Development Forum. With high-profile business leaders from both sides in attendance, the forum was a valuable opportunity to discuss bilateral collaboration in the energy and high-tech industrial sectors.

Guangdong is leading the Chinese economy thanks to its active efforts to open its markets; for 22 years it has consistently recorded the highest GDP among China’s 22 provinces, four municipalities and five autonomous regions. With the sole exception of Gansu province, Guangdong also leads the rest of China in trade with Korea.

At the forum, Minister of Knowledge Economy Choi Joong-Kyung encouraged the Chinese government and entrepreneurs to take an active role in promoting bilateral relationships. He proposed cooperation on green business and strategic industries such as information technology, new materials and the manufacturing of cutting-edge equipment.

The forum produced two memorandums of understanding between Korean and Chinese corporations, which have decided to expand the scope of bilateral cooperation in the energy and high-tech industries.

* Released by the Northeast Asia Division