South Korea and China are expanding their cooperation in the silver economy sector to leverage the challenges of rapid aging as a new growth opportunity. The two countries plan to share relevant policies and enhance exchanges between businesses and research institutions to seek new growth drivers.
The Ministry of Economy and Finance announced on November 5 that it co-hosted the 'Korea-China Silver Economy Cooperation Director-Level Meeting' and a 'Business Exchange Forum' with China's National Development and Reform Commission at the National Exhibition and Convention Center (NECC) in Shanghai.
This event was organized as a follow-up to the 'Korea-China Memorandum of Understanding (MOU) on Cooperation in the Silver Economy' signed during last year's Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju. It coincided with the 9th China International Import Expo (CIIE).
During the director-level meeting, both sides shared the current status of silver economy development and discussed key policy issues and cooperation strategies. They recognized the rapid aging of the population as a common challenge and agreed on the need to utilize aging not only as a social burden but also as an opportunity for domestic market activation and new growth.
To this end, they discussed regularizing the director-level meetings and establishing permanent exchange channels between research institutions and businesses in both countries.
The subsequent 'Korea-China Business Exchange Forum' saw participation from seven South Korean companies and six Chinese companies, totaling 13 firms. The participating companies introduced their technologies, products, and industrial infrastructure while sharing areas of potential collaboration.
Lee Byung-yeon, Director of Integrated Growth Policy at the Ministry of Economy and Finance, stated, "As the aging population in both countries deepens, the need for cooperation in the silver economy is increasing, and the demand for collaboration among businesses is also rising."
He added, "We will ensure that this event is not a one-time occurrence and will continue to promote policy exchanges in the silver economy between our governments and foster ongoing collaboration between businesses and research institutions to create future growth drivers."
* This article has been translated by AI.
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