South Korean firms to spend $65m for China social welfare

South Korean firms operating in China have earmarked $65 million for Chinese social welfare services this year, their lobby group in Seoul said Friday. The announcement came at a business forum in Beijing which was attended by visiting South Korean President Park Geun-hye, Yonhap News Agency reported. "A total of 23 companies, including Samsung, E-Land, Hyundai Motor, LG Electronics and SK, will provide a combined 43.27 million yuan [$65 million] to fellowship programs, charities and the community development project of China this year," Yonhap reported, quoting Chang Won-kie, chairman of the Korea Chamber of Commerce in China. Chang said the investment would also benefit the social responsibility image of South Korean companies operating in China. Park, who is accompanied by a group of 71 South Korean business leaders on her four-day China trip, told a business forum in Beijing that she would make efforts for a free-trade deal with China in collaboration with the Beijing government and Chinese business leaders. China is South Korea's largest trading partner and South Korea is China's third-largest.