Nine cooperation deals signed, as South Korea’s Lee visits China

South Korean President Lee Jae Myung reached China on Sunday during his four-day state visit to meet his Chinese counterpart Xi Jinping to deepen cooperation. The Chinese and South Korean companies signed nine cooperation agreements during the meeting of respective leaders, officials said on Monday.  

The deals were signed between companies in Beijing. Lee’s China visit is marked as the first ever visit since he took charge in June amid global tensions and North Korea launching ballistic missiles and US intervention in Venezuela.  

Boost economic collaboration

The meeting between the two world leaders was aimed to boost economic collaboration and increase tourism as China’s relations with Japan have sunk in the past few months since the Taiwan claim and Takaichi taking the charge.  

South Korea’s Trade Ministry announced the nine agreements on Monday and said Alibaba International, Lenovo, and South Korean retailer Shinsegae, were among the companies that signed deals.

Lee arrived for his four day tour along with a delegation of more than 200 South Korean business leaders including Samsung Electronics, Chairman Jay Y. Lee, SK Group, Chairman Chey Tae-won, and Hyundai Motor, Group Executive Chair Euisun Chung.

Aiming to promote peace

Lee is aiming to promote peace on the Korean soil through his Beijing visit as North Korea test fired hypersonic missiles on Sunday, with leader Kim Jong Un citing the need for Pyongyang to maintain a powerful nuclear deterrent in its first ballistic missile test of the year.

South Korea and China need to expand economic cooperation in artificial intelligence, Lee said, and could also collaborate in consumer goods such as household goods, beauty, food products and cultural content such as movies, music, games and sports.

However, South Korean Presidential Chief of Staff Kang Hoon-sik said in a radio interview on Monday that Beijing was unlikely to lift its unofficial ban on Korean culture anytime soon.

South Korea and Beijing’s ties have warmed as China and Japan navigate a diplomatic spat. Both the countries are expected to discuss matters such as supply chain investment, the digital economy and cultural exchanges during Lee’s visit, China’s state broadcaster CCTV said.