China is calling for the resumption of Free Trade Agreement (FTA) talks with Japan and the Republic of Korea (ROK), aiming to strengthen economic ties and regional cooperation. This push comes as major companies like Samsung Electronics deepen their investment in the Chinese market.
At the 2024 Beijing International Automotive Exhibition in April, Samsung Electronics, a leading technology company from the ROK, announced plans to continue expanding in China. According to Geol Yang, president of Samsung Electronics China, the company invested $24 billion and purchased products worth more than $16.5 billion from over 3,000 upstream suppliers in China between 2018 and 2022.
“We have deeply integrated into the Chinese market and are optimistic about the potential of China’s economic growth,” Geol Yang stated, emphasizing the company’s confidence in China’s commitment to expanding opening-up and attracting foreign investment.
On Sunday, Chinese Premier Li Qiang met with Samsung’s chairman, Lee Jae-yong, in Seoul. Premier Li highlighted that Samsung’s cooperation with China is “a vivid epitome of mutual benefit cooperation and development between China and the Republic of Korea.”
The meeting between Premier Li and Chairman Lee precedes the upcoming ninth trilateral summit meeting of China, Japan, and the ROK, scheduled for Monday. This summit marks a significant opportunity to revitalize trilateral cooperation after a hiatus of about four and a half years.
The resumption of FTA talks and the strengthening of business relationships signal a mutual interest in fostering economic growth and stability in the region. As major corporations like Samsung Electronics invest heavily in China, the collaborative efforts between these nations could lead to enhanced trade, innovation, and prosperity.
Reference(s):
cgtn.com
