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Sun Jianbo: Shandong deepens economic and trade cooperation with South Korea

2015/9/13 15:48:48   source:sdchina.com

  The launching ceremony and press conference of the “Shandong Goes Ahead in the China-Korea FTA” coverage activity was held on September 14 in Jinan, capital of China’s Shandong province. Sun Jianbo, deputy director-general of the Department of Commerce of Shandong Province attended the ceremony.

  Shandong province has always attached great importance to deepen the economic and trade cooperation with South Korea, according to Sun Jianbo. He believes Shandong province is bound to have a comprehensive and in-depth cooperation with South Korea in many fields in the future.

  The China-Korea FTA will bring unprecedented opportunities for both China and South Korea in trade, investment, industrial development and structural adjustment. Currently, South Korea is the second largest source of foreign investment and the second largest trade partner of Shandong province with a total accumulative investment of 31.67 billion dollars. Nearly 5,000 Korean companies operate in Shandong and large-scale enterprises such as Samsung, Hyundai Motor, SK, LG and DOOSAN have invested in Shandong.

  The China-Korea FTA will bring five opportunities for Shandong to expand economic and trade cooperation with South Korea, namely, the sharp reduction of the tariff will bring new energy for the bilateral import and export, the integrated industrial system will deepen the two sides’ cooperation in finance, investment, e-commerce and economy, South Korea offers a platform for Chinese enterprises to enter the European and American market, the participation of Korean companies expands the global production network of Chinese enterprises and the acceleration of the improvement of the business environment in Shandong province.

  Shandong goes all out to build the China-Korea FTA Local Economic Cooperation Demonstration Area and China-Korea Industrial Park. It will make full use of the free trade policy and Jinan Korean Commodity Expo to enhance the level of bilateral trade. In three years, the trade volume of the two sides is expected to 50 billion dollars from 32 billion dollars, achieving a in-depth integration of the Chinese and Korean markets.

  The Department of Commerce of Shandong Province is actively introducing strategic foreign investment from major Korean enterprises at the same time attracts small and medium-sized enterprises to start a business in Shandong. Shandong-based enterprises are also encouraged to develop in South Korea.

  Sun Jianbo said Shandong province is actively reinforcing cooperation with Korea in open fields including architecture, environment, entertainment and law, further expanding cooperation in traditionally competitive fields such as tourism, transportation, port and logistics as well as speeding up cooperation in fields like e-commerce, health care and endowment.

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