On June 4, the China-South Korea Economic, Cultural, and Educational Association held a signing ceremony in Yiwu. Representatives from the Yiwu Foreign Affairs Office, the China Commodities City Group (CCC) based in Yiwu, and the Yiwu China Commodity City Chamber of Commerce, including the Jewelry Industry Chamber of Commerce, General Merchandise Industry Chamber of Commerce, Scarf Industry Chamber of Commerce, Cord Industry Chamber of Commerce, along with market operators, attended the event.

In the past month of May, Yiwu had a remarkable month of exchange and cooperation with South Korea. Several South Korean delegations visited, including the Haenam delegation, the Land and Transport Officer from the South Korean Embassy in China; customs officer from the Consulate General of South Korea in Shanghai; vice-president for Greater China at Samsung Electronics in South Korea; the Gwangju Branch of the Korea China Economic, Cultural and Education Association, and others. During this time, various special activities were organized, such as the product promotion meeting for Haenam County, the Yiwu special event for China-South Korea cooperation, and the opening ceremony of the China-South Korea assembling center.

“The progress and growth in Yiwu showcase the success of China’s reform and opening-up policies. I have personally visited the International Trade City twice, and it has deeply impressed me,” said Shin Kyung-sook, chairperson of the Korean-Chinese Economic, Cultural, and Educational Association, during an interview. She further explained that the association has 11 branches and more than 4,000 members in Korea. In the past, their members engaged in international trade with Yiwu, often relying on foreign trade companies to facilitate their transactions. The purpose of this visit to Yiwu is to establish connections with reliable suppliers, ensuring high product quality and efficient transportation channels.

The representative from the CCC expressed during the promotion that they have introduced various policies, such as hotel discounts and group rewards, to assist those with shared goals in overcoming the distance and challenges. They also offer comprehensive support in warehousing, logistics, finance, and dining, among other areas, to help global buyers come to Yiwu. “We sincerely welcome Korean businesspeople to invest and start their ventures in Yiwu. The CCC will provide full assistance. We also encourage everyone to visit and explore the market,” added the representative.

According to statistics, Yiwu is among the cities in China with the highest number of Korean residents. Korean businesspeople first entered the Yiwu small commodity market in 1994. One prominent area for Korean merchants is the Qiancheng community in Jiangdong Street. Along this street, there are authentic Korean barbecue restaurants, supermarkets, barbershops, and hotels, creating an atmosphere reminiscent of being in Korea. Yiwu maintains close trade relations with South Korea and has significant growth potential. In 2022, Yiwu’s import and export trade with South Korea reached 10.9 billion RMB, a year-on-year increase of 65.3%. Specifically, exports amounted to 8.08 billion RMB, while imports reached 2.82 billion RMB, showing rapid growth rates of 44.4% and 183%, respectively. (By Wu Fengyu)