Trade between the two countries exceeded 270,000 million U.S. dollars in 2013, an increase of 7 percent annually, an amount that equals the volume of trade of the Republic of Korea with states and Japan combined
The President of China, Xi Jinping, today expressed support for the business of the Republic of Korea to expand their investments in China, at a time when the two Asian neighbors seek to strengthen their economic relations.
"Governments and businesses of the two countries should seize the opportunity and make concerted efforts to promote cooperation in economy and trade," Xi said while speaking at a forum in Seoul on bilateral economic and trade cooperation.
Xi proposed the two countries to take proactive steps to establish a bilateral free trade area at an early date measures, strengthen coordination on macroeconomic policies, promote trade facilitation and investment and financial cooperation, and jointly oppose trade protectionism .
The Chinese president also encouraged enterprises of the Republic of Korea to participate in the construction of the Pilot Free Trade Area of China (Shanghai), which opened last September as part of the ambitious reform strategy for the country.
The president of the Republic of Korea, Park Geun-hye said that the establishment of a free trade area will promote bilateral cooperation in high-profile industries, the financial services industry, health care and research and common development.
The Republic of Korea supports its enterprises to expand investment in China, especially in the central and western regions, while welcomes more Chinese investment in the Republic of Korea, Park said.
"The Republic of Korea would like to actively participate in the initiative of the Economic Belt of the Silk Road of China," said Park.
The proposal to build the Economic Belt of the Silk Road and Road Maritime Silk XXI Century, known as "A belt, a route" was promoted by President Xi during his visits to Central Asia and Southeast Asia in 2013.
Xi, who began on Thursday his two-day visit to the Republic of Korea, today attended an exhibition of products from Samsung and LG, where he expressed his wish that the two industrial giants of the Republic of Korea to continue promoting exchanges cooperation with China.
China and the Republic of Korea have witnessed a rapid development of their relations since the two countries established diplomatic relations 22 years ago.
Trade between the two countries exceeded 270,000 million U.S. dollars in 2013, an increase of 7 percent annually, an amount that equals the volume of trade of the Republic of Korea states and Japan combined.
China is the largest trading partner of the Republic of Korea, the largest export destination and import source, and the main destination for foreign investment. The Republic of Korea is the third largest trading partner of China in accordance with data from 2013 and the fifth largest source of foreign direct investment.
traslation: Belén Zapata