ROK President: Great Potential Exists in ROK-China Economic Cooperation

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Last updated at: (Beijing Time) Wednesday, July 09, 2003

ROK President: Great Potential Exists in ROK-China Economic Cooperation

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The Republic of Korea (ROK) and China should develop a reciprocal cooperative ties favorable to optimize the two countries' industrial structure and boost the Asian economy, said visiting ROK President Roh Moo-hyun in Beijing Tuesday.

Roh addressed a luncheon party attended by business people fromthe two countries, saying they should cooperate in the fields of energy, resources, finance, environmental protection, information and biological technology.

Roh and Chinese President Hu Jintao agreed Monday that the two countries will push the annual bilateral trade volume to 100 billion US dollars in five years.

Roh said he hoped more ROK enterprises would participate in developing China's western regions and the projects relating to the 2008 Olympic Games in Beijing and the 2010 World Expo in Shanghai.

Roh also called for northeast Asia to strengthen regional economic cooperation. Currently, northeast Asia has contributed 20 percent of the global gross domestic product (GDP), with the regional trade volume accounting for 14 percent of the world total.

With abundant natural resources, northeast Asia will have great potential for economic cooperation, said Roh.

Most importantly, fast growing China has become a strong basis for this region's economic development, Roh said.

President Wan Jifei of the China Council for the Promotion of International Trade (CCPIT) said that China and the ROK have conducted expanded trade and economic cooperation since the two countries established diplomatic ties in 1992. More ROK enterprises are becoming well-known in China.

Both China and the ROK once met with difficulties in their economic development process, said Wan, referring to the Asian financial crisis in 1998 suffered by the ROK and SARS in China last spring.

"But the two peoples and governments made their efforts to overcome the difficulties and deepened bilateral cooperation," said Wan.

"In the time of economic globalization, difficulties will make us further treasure the bilateral cooperation and cherish common development."

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