South korean firms flock to beijing hoping summit will hasten thaw with china | News News
File photo: South Korea's President Moon Jae-in attends the APEC Economic Leaders' Meeting in Danang, Vietnam Thomson Reuters By Joyce Lee and Christine Kim SEOUL (Reuters) - Hoping a thaw in relations with China will reopen opportunities after a diplomatic spat earlier this year cost many of them business, some 300 South Korean executives joined President Moon Jae-in for the start of his four-day trip to China on Wednesday. The delegation was the largest to accompany a South Korean leader abroad, and reflected the value the firms placed on mending ties with their country's biggest trading partner. Trade and business exchanges between the two countries froze earlier this year after South Korea deployed U.S.-made Terminal High Altitude Area Defense (THAAD) anti-missile system regardless of vehement objections from Beijing. Among those who traveled were executives from some of the firms hit hardest by the backlash, including Lotte Group and cosmetics and entertainment firms such as Amorepacific and S.M. Entertainment. Addressing around 500 Chinese and South Korean businessmen at a forum in Beijing, Moon stressed the need to "build a systemic foundation for a stable economic cooperation". Moon said he expects to sign a memorandum with President Xi Jinping at a summit on Thursday, a step toward follow-up negotiations of the South Korea-China Free Trade Agreement (FTA) concerning services and investments. "This is expected to expand the entry of both countries' companies into service industries, and revitalize mutual investments," he said. GRADUAL STEPS The THAAD disagreement knocked about 0.4 percentage points off expected economic growth in South Korea this year and resulted in lost revenues of around $6.5 billion from Chinese tourists in the first nine months of the year, as the number of visitors fell by half. Anti-South Korean sentiment also battered firms' sales of entertainment, cosmetics and cars in China. Multiple officials from South Korea's largest companies t...
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File photo: South Korea's President Moon Jae-in attends the APEC Economic Leaders' Meeting in Danang, Vietnam Thomson Reuters By Joyce Lee and Christine Kim SEOUL (Reuters) - Hoping a thaw in relations with China will reopen opportunities after a diplomatic spat earlier this year cost many of them business, some 300 South Korean executives joined President Moon Jae-in for the start of his four-day trip to China on Wednesday. The delegation was the largest to accompany a South Korean leader abroad, and reflected the value the firms placed on mending ties with their country's biggest trading partner. Trade and business exchanges between the two countries froze earlier this year after South Korea deployed U.S.-made Terminal High Altitude Area Defense (THAAD) anti-missile system regardless of vehement objections from Beijing. Among those who traveled were executives from some of the firms hit hardest by the backlash, including Lotte Group and cosmetics and entertainment firms such as Amorepacific and S.M. Entertainment. Addressing around 500 Chinese and South Korean businessmen at a forum in Beijing, Moon stressed the need to "build a systemic foundation for a stable economic cooperation". Moon said he expects to sign a memorandum with President Xi Jinping at a summit on Thursday, a step toward follow-up negotiations of the South Korea-China Free Trade Agreement (FTA) concerning services and investments. "This is expected to expand the entry of both countries' companies into service industries, and revitalize mutual investments," he said. GRADUAL STEPS The THAAD disagreement knocked about 0.4 percentage points off expected economic growth in South Korea this year and resulted in lost revenues of around $6.5 billion from Chinese tourists in the first nine months of the year, as the number of visitors fell by half. Anti-South Korean sentiment also battered firms' sales of entertainment, cosmetics and cars in China. Multiple officials from South Korea's largest companies t...
Source :
#news #breakingnews #newslive #breaking #breakingnewstoday #newsheadlines #newstoday #livenews #latestnews #u.snews
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