Nation, neighbors aim to expand biz cooperation

Enterprises in Northeast Asia are expected to expand mutual cooperation by leveraging resources, expertise and market potential across sectors.

The cooperation, including sectors such as modern agriculture, services, digital economy, modern equipment and new energy, is expected to both foster innovation and create opportunities for mutual growth.

Foodnamoo Inc, a South Korean manufacturer of packaged meat products, is expected to conduct business in China. It therefore seeks partners to expand beyond China's borders onto the global stage.

Kim Young-mun, CEO of Foodnamoo, introduced the company at the Northeast Asia Young Entrepreneurs Development and Cooperation Forum in Changchun, Jilin province, last month, as well as the upcoming launch of e-commerce shopping platform Rankingdak.com in China.

As South Korea's leading diet and health food platform, it has 2.8 million members with 21,000 products on offer, Kim said.

With an eye on expanding its footprint in China, the food-focused company has forged a multifaceted network.

It is working on entering the Chinese market through collaboration with Wing Yip Food Holdings, a Chinese meat processing and food production company.

The two entities signed an important business agreement in 2019, establishing a joint venture sales subsidiary in Guangdong province.

The unit is preparing for the launch of innovative convenient health food products — or health management resource meals — set to hit the Chinese market later this year.

Foodnamoo also hopes to collaborate with various sales partners, said Park Jae-keun, executive vice-chairperson of the National Youth Committee of the Together Democratic Party of Korea.

Russian search engine Yandex also expects to bring more Chinese products into the Russian market, Project Director of Asia-Pacific of Yandex Egor Andreev told China Daily.

The internet company would like to help enterprises conducting both B2B and B2C businesses successfully enter the Russian market by promoting their products with the help of its advertising services, Andreev said.

Steelmaking giant Posco Group looks forward to engaging in extensive exchanges and cooperation with more young entrepreneurs from Northeast Asia in a bid to create collaborative opportunities.

The South Korean company has been leveraging its steel foundation, and expanding into sectors such as autos, construction and hydrogen, said Posco-China Holding Corp Vice-President Cui Wenhao.

Such diversified industry approaches and value chain innovations have facilitated operational upgrades, and the group will innovate multiple sectors including secondary battery materials, lithium, energy and infrastructure.

As for economic and trade cooperation among Northeast Asian countries, Cui said the six countries in the region are at different stages of development, but are all committed to economic growth and improving the well-being of their citizens.

China's trade with the five other Northeast Asian countries totaled $923.2 billion in 2022, an increase of 3.8 percent year-on-year. The trade volume further solidified these countries' status as crucial economic and trade partners.

Trade structures within the region are improving, which is indicated by the rising proportion of machinery and electronics, as well as high-tech goods, Cui added.

Thus, there is an optimistic outlook for the ongoing improvement in the quality and scale of trade and investment cooperation within Northeast Asia.

This includes facilitating collaboration with foreign enterprises, leveraging their distinctive geographical advantages and maximizing their industrial strengths.

Achieving high levels of openness can stimulate industrial and economic development, injecting more momentum into the growth and revitalization of Northeast Asia, Cui said.

Trade turnover between Russia and China increased significantly in 2022, as Russian consumers are discovering more and more quality Chinese products — the trend should continue for years to come, Andreev said.

The governments within the region need to facilitate such trade and provide a favorable business climate to allow goods, investment and talented specialists to move easily across borders, he added.

Park said he hoped the dynamic exchanges among young entrepreneurs will foster increased communication and cooperation between businesses in South Korea and China, thereby exerting a positive influence on economic partnerships.

The endeavor is poised to fortify bilateral cooperation, facilitating a joint exploration of fresh economic prospects, Park added.

Regarding potential areas of cooperation among young entrepreneurs, Cui said the recent buzz surrounding the metaverse, ChatGPT, artificial intelligence and other new technologies will provide young entrepreneurs with broader development prospects in the future.

Looking at the global landscape, the Northeast Asian region stands out as a hub of vibrant cooperation, fueled by innovative collaboration among young entrepreneurs.

The region's enterprising young minds have shown the courage to break boundaries, achieving breakthroughs in cutting-edge technological exploration and novel business model innovations.

Park said collaboration among young entrepreneurs covers various fields as Northeast Asia possesses diverse economic resources and market potential.

Sectors include information technology, biotechnology and renewable energy, aiming to drive new innovation and development.

Furthermore, there are opportunities for cooperation in expanding regional logistics and distribution networks, as well as promoting cultural and creative exchanges.