South Korea is seeking high-level economic talks with China this year in the latest efforts to revitalize supply-chain cooperation with the world’s second-largest economy.
(Bloomberg) — South Korea is seeking high-level economic talks with China this year in the latest efforts to revitalize supply-chain cooperation with the world’s second-largest economy.
Finance Minister Choo Kyung-ho asked Xing Haiming, Chinese Ambassador to South Korea, for support in arranging talks between their economic ministers in Seoul, Choo’s office said in a statement. Choo is also Korea’s deputy prime minister.
South Korea is a top US ally, but relies on China as its biggest trading partner. Korea has increasingly been sandwiched between the world’s two largest economies as they vie for greater global influence.
The meeting in Seoul follows two days of talks last week between top US and Chinese officials in Vienna that helped soften tensions.
Washington’s efforts to curtail global economic dependence on China has left some South Korean companies struggling to adapt. Korea operates semiconductor factories in China and relies on the country for key imports, including fertilizer.
In his meeting with the Chinese envoy, Choo expressed hope for the continuation of economic cooperation based on mutual respect and interests, his office said.
South Korean policymakers are relying on China for a boost in exports, the biggest driver of economic growth in the country. China has also relied on semiconductors from Samsung Electronics Co. and SK Hynix Inc., two of the biggest South Korean firms that have seen their earnings plunge in recent quarters as demand has waned.
–With assistance from Jaehyun Eom.
(Updates with statement from Korean government.)
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