Premier Li attended a luncheon hosted by ROK business leaders and delivered a speech in Seoul on Nov 1.

Premier Li Keqiang said he is very happy to see that China-ROK ties are becoming increasingly close. He called on China and the ROK to conduct production capacity cooperation in third party markets, emphasizing that there is huge market potential in developing countries that Chinese and ROK enterprises should jointly explore.

The Premier said that China-ROK trade volume is expected to reach $300 billion this year, 60 times higher than over the past 20-plus years. He also stressed people-to-people exchanges, highlighting that China-ROK Tourism Year in 2014 witnessed over 10 million visits between the two countries.

Premier Li also noted that innovation has provided new opportunities for bilateral cooperation.

“The innovation campaign that China is currently promoting is called “mass entrepreneurship and innovation” and it can be connected with the ROK’s “Manufacturing Industry Innovation 3.0” strategy. We have reached consensus on jointly building an innovation platform. Against the backdrop of a gloomy world economy struggling to recover, China and the ROK are joining hands and making innovation breakthroughs. This will not only inject new strength into our own economies, but will also help the recovery of the world economy,” Premier Li said.