South Korea and China's Jiangsu Province, one of the most popular Chinese destinations for Korean investors, agreed to set up a regular high-level consultative channel to discuss ways to enhance bilateral economic and commerce cooperation, the trade ministry here said Monday.

South Korean Trade Minister Joo Hyung-hwan and Jiangsu Province Gov. Shi Taifeng signed a memorandum of understanding (MOU) on trade cooperation in Seoul, according to the Ministry of Trade, Industry and Energy. Jiangsu Province, located on the Chinese east coast, is the country's second biggest province in terms of gross domestic product, posting $1.1 trillion last year.

Under the MOU, the South Korean trade ministry will hold high-level talks with the Chinese province on a regular basis to discuss trade and commerce issues. The ministry said Jiangsu Province is the fifth Chinese province to have a dialogue channel with South Korea, including Guangdong Province and Shandong Province.

It is South Korea's second largest trade partner among China's provinces with a total trade volume of $59.8 billion in 2015, following Guangdong Province. Also, South Korean companies invested a combined $11.3 billion in the province, taking up 21.7 percent of the country's investment into China.(Yonhap)