CIIE mutually beneficial platform to promote global trade: Hyundai executive

SEOUL - The China International Import Expo (CIIE), slated for later this year, will be a mutually beneficial platform to promote global trade versus trade protectionism, an executive of South Korea's biggest automaker said.

"The first China Import Expo was a pioneering event in the history of international trade and was unique in promoting trade globalization," said Lee Hyuk Joon, a senior vice president of policy planning division at Hyundai Motor Group China, in a written interview with Xinhua on Thursday.

"In the current state of trade protectionism, this event establishes a mutually beneficial platform for all participating countries, fully demonstrating China's leadership, vision, and willingness to be an open country," said Lee.

Marking the 40th anniversary of its reform and opening-up in 2018, China outlined a new policy during the annual conference of the Boao Forum for Asia earlier this year to highlight more measures for free trade and investment, such as lower tariffs for automobiles and other imports.

The convergence of the CIIE "represents a major decision by China to create a new round of high-level opening-up to the outside world," said the Hyundai senior vice president.

The CIIE is scheduled to be held in Shanghai from Nov 5 to Nov 10, bringing together more than 2,800 companies, including Hyundai Motor and over 200 businesses on the Fortune Global 500 list.

The China-initiated trade-promoting event was forecast to strengthen relationship between China and South Korea as it promotes the free flow of production factors and optimizes the allocation of resources between the two sides, said Lee.

"China and South Korea are close neighbors and should cooperate and work together, both economically and culturally. To develop a modern economy, priority should be given to improving the quality of supply, while well-structured importing will be conducive to improving domestic production supply," said the Hyundai executive.

"The convergence of the China Import Expo not only promotes the free flow of production factors and optimizes the allocation of resources between China and South Korea, but also promotes innovation, transformation and the upgrading of the automobile industry in both countries," said Lee.

At the CIIE in November, Hyundai has planned to illustrate its vision and strategic plan to build an eco-friendly hydrogen society in the future, while showcasing NEXO, a new generation of Hyundai's hydrogen fuel-cell vehicle.

Since 1998, Hyundai has developed hydrogen fuel-cell vehicles, launching the ix35 Fuel Cell in 2013 to become the first car manufacturer commercializing hydrogen in a production model.

It was followed in 2018 by the NEXO SUV, a second generation of Hyundai's hydrogen fuel-cell vehicle that realized its hydrogen energy technology through the company's flagship SUV body type.