South Korean and Chinese business leaders to hold summit as ties rebound strongly
Today, Chinese and South Korean business leaders will meet to discuss opportunities for increased economic cooperation.
In a geopolitical climate that has eased since the beginnings of rapprochement between the US and North Korea, Chinese retaliation against South Korean firms, caused by Seoul’s deployment of the US-built THAAD missile defence system, has been withdrawn. Following THAAD’s deployment, South Korean firms, particularly auto and semiconductor manufacturers, faced obstructions to investing in Chinese industries.
Today, export-dependent South Korea is likely to push Beijing to ease external barriers to investment as it seeks to augment its supply of advanced electronic components to partner firms in China. For its part, China will be looking to boost investment in prominent South Korean firms and plants, taking advantage of South Korea’s global role as a high-end consumer and advanced manufacturing market.
Talks between business leaders are expected to help foster a friendlier relationship between both countries in the near-term. Additionally, South Korea’s recent Chinese tourism boost is likely to further economic cooperation between both governments and their respective business communities.
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