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China and South Korea have tried to improve relations which have been dormant for years, which is considered necessary in view of the regional situation. The two countries have signed 34 new export deals and dozens of memoranda of understanding (MoUs) worth US$44 million (about Rs 397 crore) after a high-level summit. Both the countries have reactivated economic cooperation through these agreements.
Export promotion and investment program in Beijing after 9 years
South China Morning Post South Korea’s Ministry of Trade, Industry and Resources reported that for the first time in 9 years, South Korea has held an export promotion and investment attraction program in Beijing. The event on Tuesday was attended by 300 participants including business leaders and investors from both the countries. Major Chinese technology companies like Alibaba, JD.com and Tencent were present on the occasion. Also present were representatives of the governments of Shandong and Liaoning provinces.
Meeting between Xi Jinping and Lee Jae Myung
Before the agreement, a summit meeting was held on Monday between South Korean President Lee Jae Myung and Chinese President Xi Jinping. The event featured individual export consultations, investment information by South Korean regional governments, and a showcase of Korean consumer goods. This incident is being considered an important turning point in improving bilateral relations. Let us tell you, in 2017, Seoul had deployed the American-made Terminal High Altitude Area Defense (THAAD) missile system, after which the situation was tense.
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