The Korea Federation of Small and Medium Enterprises joined hands with a Chinese business group to launch efforts to expand small and midsize companies' entry into China.
The Korea Federation of Small and Medium Enterprises said on the 30th it signed a memorandum of understanding with the All-China Federation of Industry and Commerce. The signing ceremony was attended by Kim Ki-moon, chair of the Korea Federation of Small and Medium Enterprises, key executives, and Gao Yunlong, chair, along with other officials of the All-China Federation of Industry and Commerce.
Founded in 1953 under the leadership of the Communist Party, the All-China Federation of Industry and Commerce is China's largest business organization, with 3,252 federations of industry and commerce nationwide and more than 54,000 affiliated and linked chambers of commerce.
Through this agreement, the two organizations agreed to cooperate on the following: ▲ sharing best practices to strengthen SME competitiveness ▲ expanding economic and trade cooperation between the two countries' SMEs ▲ revitalizing exchanges through seminars, forums, and more.
Kim Ki-moon, KBIZ chair, said, "China is the largest export destination and the world's largest consumer market, making it an important alternative to offset the contraction of the domestic market," adding, "This year, we plan to push into the Chinese market by supporting participation of about 200 SMEs in exhibitions, including in medical devices and beauty."
She added, "To ensure that the improvement in Korea-China relations following summit diplomacy on Jan. 1 leads to results at the private-sector level, we will expand support for SMEs' entry into the Chinese market and strengthen exchanges and cooperation between Korean and Chinese SMEs."