Sino-ROK cooperation in focus at forum

China and Republic of Korea are expected to see more prospects of economic and trade cooperation, as officials, businessmen and scholars from both sides met at a forum held in Qingdao, East China's Shandong province.

The forum, which is being held from Nov 11 to 13, has attracted more than 200 government officials, entrepreneurs as well as scholars from two countries. Participants are looking forward to new trends and opportunities after two countries concluded substantive negotiations on a free trade agreement on Nov 10.

"At present, the two countries have all-round cooperation at multi-levels and in various areas in bilateral economic and trade relationship," said Sun Shuqiang, counselor of the department of Asian affairs at the Chinese Ministry of Commerce.

The bilateral trade volume soared to $214.1 billion from January to September this year, an increase of 5.4 percent compared with the same period last year, according to official Chinese data.

Sun said the bilateral trade will enter a new era of upgrade, changing from traditional processing into general trade directed at market needs of both countries.

Entrepreneurs present at the forum agreed that business decision makers from two countries should adopt new strategies in face of new challenges.

Famous Chinese brand Haier Group, headquartered in Qingdao, provides special products to various clients in ROK. The company has designed a 3.5-kilogram mini washing machine for singles. This kind of product is different from frequently used big washing machines in Korean families.

"We offer a solution to customers rather than just selling our products, which help our company gain more share in ROK's market that has fierce competition," said Li Pan, vice-president, Haier Group.

In face of new opportunities brought by the free trade agreement, Haier is determined to cooperate with big companies in ROK, including Samsung and LG, taking advantage of its advanced Internet platform and availability of diverse products, according to Li.

Haier will also work with Korea Trade-Investment Promotion Agency to deepen technological cooperation and exchange, Li added.

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