The 2022 Guizhou and South Korea trade promotion meeting was held online on May 31, attracting the participation of 30 Guizhou companies and 57 consumer goods companies from South Korea.
The meeting promoted Guizhou and South Korean goods online and allowed specialty companies, chemical product companies and dealers, and import and export companies to hold one-on-one discussions with South Korea's companies.
Zhang Hanlin, director of the Foreign Affairs Office of Guizhou Province, said at the meeting that China and South Korea are neighbors and cooperative partners, and they have seen a more than 50-fold increase in bilateral trade. Mutual investment between China and South Korea has exceeded $100 billion.
Despite the global economic downturn, economic and trade cooperation between China and South Korea increased in 2021, demonstrating the potential of business cooperation between the two countries.
South Korea has long been one of Guizhou's most important trade partners. So far, more than 150 companies in Guizhou and South Korea have maintained trade contacts in chemical raw materials and chemical product manufacturing, electromechanical equipment and parts, baijiu, food and other products.
Earlier this year, the State Council issued Opinions on Supporting Guizhou in Blazing New Trails in the Development of the Western Region in the New Era was issued to support the upgrading of Guizhou's inland open economy pilot area.
As emerging industries such as big data become major investment draws in Guizhou, Guizhou and South Korea are seeing broader cooperation prospects in cross-border e-commerce and vehicle manufacturing.
According to the Korea Trade-Investment Promotion Agency, Guizhou's chili sauce and Moutai baijiu are popular in South Korea. Consumer goods, mineral resources, big data, and semiconductors are expected to attract the most investment between Guizhou and South Korea in the future.