Korea, China agree to fight knockoffs, as countries sign series of MOUs

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Korea, China agree to fight knockoffs, as countries sign series of MOUs

From left, Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Executive Chair Euisun Chung, and LG Chairman Koo Kwang-mo attend the Korea-China Business Forum held at Diaoyutai State Guesthouse in Beijing on Jan. 5. [JOINT PRESS CORPS]

From left, Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Executive Chair Euisun Chung, and LG Chairman Koo Kwang-mo attend the Korea-China Business Forum held at Diaoyutai State Guesthouse in Beijing on Jan. 5. [JOINT PRESS CORPS]

 
To contain widespread knockoff products, Korea and China agreed to deepen cooperation in the area of intellectual property (IP) rights, a major win for the country among the numerous agreements and partnerships that have followed the summit between President Lee Jae Myung and Chinese leader Xi Jinping on Monday. 
 
The two countries will work toward cracking down on IP rights violations at the customs stage for goods entering Korea from China. A regular industry minister meeting will also revive, following a seven-year hiatus.
 

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Korea and China signed more than 20 preliminary agreements in the retail, entertainment and tech sectors for joint projects and export expansion during President Lee’s state visit to China.
 
Shinsegae Group, a major Korean retail conglomerate with an existing joint venture partnership with Alibaba International, announced a memorandum of understanding (MOU) with the Chinese e-commerce giant to bring a wider range of products sold by Korean merchants onto the Alibaba platform and its affiliates.
 
The group set the goal of expanding the transaction size of Korean products being sold via Alibaba-related platforms to 1 trillion won ($691 million) in five years.
 
Gmarket, the group’s e-commerce affiliate, will play a central role in the expansion plan.
 
“As a key pillar of Shinsegae Group’s e-commerce operations, Gmarket will expand its market beyond Korea through its partnership with Alibaba International,” said Park Jong-hoon, head of strategy at Shinsegae’s Emart division.
 
SWM, a Korean startup specializing in autonomous driving technology, also secured a partnership with Beijing-based Lenovo to jointly develop a high-performance computing platform for Level 4 autonomous driving commercialization.
 
Samjin Foods, best known for its fish cakes, plans to bolster operations, distribution and marketing in the Chinese market via local partnerships.
 
President Lee Jae Myung speaks at the Korea–China Business Forum held in Beijing on Jan. 5. [NEWS1]

President Lee Jae Myung speaks at the Korea–China Business Forum held in Beijing on Jan. 5. [NEWS1]

 
In the entertainment and cultural segment, Korea’s popular instant photo booths could also march into the Chinese market, buoyed by the popularity of K-pop. Seobuk, a Korean operator of these booths, agreed to launch a joint business in China with Beijing Aidou Culture Media to release K-pop artist-based content.
 
In the gaming sector, one of the biggest hurdles for Korean firms has long been the approval process for publishing licenses.
Korean gaming outlet Root3Games signed an MOU with China’s Boundary Singularity Technology to collaborate on local licensing and operations.
 
Industry Minister Kim Jung-kwan voiced expectations for the series of partnerships to revitalize bilateral commercial ties, which have seen a slowdown in recent years.
 
“In particular, we hope that the nine MOUs signed during this visit will lead to greater participation by Korean companies in China’s vast domestic market, especially in areas such as consumer goods, content and supply chains,” the minister said in a statement. “The Ministry of Trade, Industry and Resources will provide full support in close coordination with the Chinese government and related institutions, alongside organizations such as the Korea Chamber of Commerce and Industry and Korea Trade-Investment Promotion Agency.

BY PARK EUN-JEE [[email protected]]
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