Park Sam-koo, chairman of major South Korean conglomerate Kumho Asiana Group, has been re-elected the head of a friendship association between South Korea and China, the Kumho Asiana Group said Friday.

It will be Park's third term to lead the Korea-China Friendship Association, the company said in a press release.

"I thank all of you for entrusting me once again, with this group celebrating the 25th anniversary of the establishment of Korea-China diplomatic relations this year," Park said in his acceptance speech, according to the company.

Park's re-election as chief of the friendship society comes amid ever worsening relations between the two countries.

Seoul-Beijing ties are at what many believe to be their lowest ebb amid China's increasingly intensifying economic retaliation against South Korea for the latter's planned deployment of a US missile defense system, the Terminal High Altitude Area Defense.

China is said to have blocked incoming shipments of many South Korean goods, including cosmetics products, while dozens of outlet stores and grocery shops run by South Korean retail giant Lotte Group in China have been temporarily shut down at China's administrative orders.

Park said the joint friendship association will do its utmost to improve the countries' ties.

"The bilateral relationship between our two countries is facing a great difficulty, but the Korea-China Friendship Association will do its utmost to improve the countries' relations and further promote their friendship," he told the general meeting of the association held at a Seoul hotel earlier in the day, according to his company.

Park first took leadership of the association in 2005. His third term will end in 2020, the company said in a press release. (Yonhap)