BUSAN < invest Korea

According to Yonhap News,

At the presence of Liu Jiayi, Secretary of the Shandong Provincial Committee of the Communist Party of China, a large group of business delegates from Shandong Province made an official visit to the city of Busan last Dec. 1.

The delegates that consist of 50 senior level state officials joined a special event ‘Busan- Qingdao Business Exchange Festival’ held in Haeundae Dongbaekseom Island, then met with the city mayor Oh Keo-don at the inter-regional dialogue on business partnership.

Both parties renewed the memorandum of understanding for further improving the content of economic partnership in its coverage and the quality. They’ve singed the previous version back in 2012. The scope of the business partnership ranges from blockchain, Fintech, smart city, the fourth industrial revolution to tourism exchange programs.

Bank of Busan and Industrial & Commercial Bank of Qingdao also reached an agreement to increase corporate loans as much as CNY 700 million which will go to local businesses both in Busan and Qingdao.

The signing of a business exchange contract between Busan Jinhae Free Economic Zone (BJFEZ) and Qingdao West Coast New Area was also made. Liu Jiayi, Secretary of the Shandong Provincial Committee of the Communist Party of China, visited the Busan New Port, being escorted by the head of Busan Port Authority. This is the first time that the high ranking figure of Shandong Province comes to see the city of Busan since Korea-China established diplomatic relations in 1992.

In hopes of thawing diplomatic freeze between Beijing and Seoul, since Korea has decided to deploy a US led anti- missile defense system despite China’s strong opposition, Busan city considers the delegates’ official visit a great chance for future relationship. Shandong Province is the second largest economy, and a mega-hub of coastal economic zone that accommodates over a 100 million population in China. This business hot spot is the most popular investment destination for many Korean companies these days.

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Source: Yonhap News (Dec 1, 2019)