“Chongqing is the core city of south-west China and also the logistic hub that can connect Europe and Asia, making it a strategic spot for China‘s ambitious One Belt One Road project.” said KITA Chairman Kim Young-joo in the opening speech.

“The forum would work as great opportunities for Korean businesses to seek partnerships here, in line with China’s One Belt-One Road project, as well as Korea’s New North policy,” Kim added.

The One Belt One Road project is President Xi Jinping’s vision of building a modern Silk Road that connects China and many other Asian countries with Europe via a vast nexus of transport links. Chongqing has been dubbed the pivotal area for the Chinese initiative.

Attending the event were some 150 business people from South Korea representing Hyundai Motor, SK hynix, Hyundai Engineering and Construction, LS Cable and System, Korea Rail Network Authority, Korea Water Resources Corporation and Korea Trade Insurance Corporation, along with 150 Chinese counterparts

Moon, in his congratulatory speech, also noted that Korea‘s “New North” policy, which aims to increase diplomatic and economic cooperation with Eurasian states like Russia, could work well together with China’s One Belt One Road project.

During the discussion, Kim Young-woo, the acting chairman and CEO of the Korea Rail Network Authority, said partnerships between China and Korea could help the two to develop the next generation railway and also to lead the global technical standards.

Ryu Chang-soo, head of Hyundai Engineering & Construction‘s Beijing unit, also expressed interest in partnering with Chinese companies for future infrastructure projects in the region.

Chongqing currently has a population of more than 30 million. The provincial per capita gross domestic product of Chongqing in 2016 reached $8,717, up 9.6 percent on-year from a year earlier.

By Shim Woo-hyun (ws@heraldcorp.com)