China, South Korea sign US$44 million in trade deals after years of friction

Major Chinese tech firms such as Alibaba, JD.com and Tencent were there, along with representatives from provincial governments in Shandong and Liaoning.

The event featured one-on-one export consultations, investment briefings by South Korean regional governments and showcases of Korean consumer goods. As a result, 24 export contracts worth a combined US$44.11 million were signed, the ministry said.

The event was seen as a turning point in long-term efforts to mend bilateral ties, strained since Seoul’s 2017 deployment of the US-made Terminal High Altitude Area Defence (THAAD) missile system, which Beijing strongly opposed.

According to South Korea’s presidential office, the economic delegation accompanying Lee included 400 participants from 161 companies, including top executives from major conglomerates such as Samsung, SK, Hyundai and LG.