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According to Yonhap News,
The Busan-Jinhae Free Economic Zone (FEZ) authority inked an agreement Thursday with China's management committee of Qingdao Free Port to strengthen their mutual cooperation and exchange at Paradise Hotel in Busan.
Both sides agreed to expand their exchange further in economy, culture, tourism and human resources and conduct joint-study on the effect of Korea-China free trade agreement.
Qingdao Free Port, established in 1992, is occupied by about 4,000 companies in cutting-edge and logistics sectors, including 40 companies listed in the Fortune 500 Companies.
Its geological proximity to Busan is expected to accelerate the development of both sides.
The memorandum of understanding (MOU), signed by both sides last December, has been accelerating their economic exchanges, and the recent additional cooperative agreement will upgrade the mutual exchange.
The Busan-Jinhae FEZ authority concluded MOUs with China's three regions including Jiangsu, Guangzhou and Qingdao Free Port on economic cooperation to entice Chinese capital to Busan in an efficient manner.
The authority also plans to sign additional MOUs with Zhejiang and Jilin to build up economic cooperation in attracting investment.