Visiting Chinese Premier Wen Jiabao said in Seoul on Wednesday that the all-around development of China-South Korea trade ties has brought tangible benefits to both peoples.

 

"Economic and trade cooperation between China and South Korea is an important part of bilateral ties, and to further such cooperation is the common aspiration of both peoples," Wen said at a luncheon with some entrepreneurs from the two countries.

 

Based on the principles of mutual respect, equality, mutual trust, mutual benefit and win-win cooperation, China-South Korea ties have witnessed all-round development and bilateral economic and trade cooperation has deepened since the establishment of diplomatic relations 15 years ago, Wen said.

 

The cooperation enjoys exceptional advantages and has huge potential as the two countries have convenient transportation systems and complementary economies, he said, adding that South Korea has the advantage of technology and management experience while China is rich in labor resources and has a huge market.

 

Bilateral trade has achieved rapid development in the past 15 years. The trade volume between the two countries reached US$134.3 billion last year, a 260-percent increase from the US$50 billion in 1992.

 

South Korea has set up more than 30,000 enterprises in China by the end of 2006, with an accumulated investment of 35 billion dollars. Meanwhile, more and more Chinese enterprises choose to invest in South Korea.

 

Wen arrived here Tuesday morning for his first-ever visit as a premier to South Korea. He will leave for Japan on Wednesday and is scheduled to conclude his two-nation tour on Friday.

 

(Xinhua News Agency April 11, 2007)