Finance minister to discuss joint entrance of Korean-Chinese businesses into third countries

Feb 02, 2018, 08:47 am

By Ha Man-joo, Beijing correspondent, AsiaToday

Deputy Prime Minister for Economic Affairs and Finance Minister Kim Dong-yeon said on Thursday that he will discuss ways for bilateral business and financial institutions' joint entrance into third countries in the minister-level talks to be held in Beijing on Friday.

In a meeting with South Korean correspondents in Beijing, Kim said, "While explaining our government's position and direction of the New Northern Policy and New Southern Policy in connection to China's One Belt One Road initiative, we will discuss ways to cooperate in the areas of industries and investment."

"The New Northern Plan has progressed considerably. For instance, President Moon Jae-in made his visit to Vladivostok for Eastern Economic Forum, and held summit talks with Russian President Vladimir Putin while the research on the free trade agreements with five Northern countries including Russia kicked off. Besides, specific discussions on smart grid, railways, and shipping are progressing," Kim said.

He also said that the government's New Southern Policy has developed into concrete step by strengthening cooperation with ASEAN countries and India.

"The upcoming minister-level meeting is significant that it is the restoration of the top-level economic channels since the Korea-China summit in December last year," Kim said. "We will share views on the international economic trend, the global economy, and the general economic issues as well as economic policies."

"We will openly discuss the cooperation of the three provinces of northeastern China. rural development policy, tourism and cultural cooperation as well as environmental policy," Kim added.

"The Strategy and Finance Ministry will continue to hold working-level negotiations after the minister-level talks, and soon hold a business forum where South Korean firms can cooperate with the Chinese side in Beijing. As Chinese partners, we will establish a cooperative relationship with China's National Development and Reform Commission (NDRC), the Chinese Finance Ministry, and the People's Bank of China," the minister said. Kim will meet Zhou Xiaochuan, governor of the People's Bank of China on Friday.

"The heads of relevant ministries, including Ministry of Foreign Affairs, Ministry of Land, Infrastructure and Transport, Ministry of Agriculture, Food and Rural Areas, Ministry of Culture, Sports and Tourism, Ministry of Trade, Industry and Energy, Financial Services Commission, and the Presidential Committee on Northern Economic Cooperation will meet with Chinese ministries to discuss the current issues. In particular, a meeting on the Seoul-Beijing FTA service and investment will begin next month," Kim said.

#Kim Dong-yeon #Finance Ministry #South Korea #China #economic cooperation