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According to Yonhap News,
‘China Club’ had an inauguration ceremony at Grand InterContinental Seoul, Samseong-dong on March 22nd. It is a council designed to facilitate investment cooperation and build network between Chinese and Korean companies.
Minister of Knowledge Economy Choi Joong-kyung said in his congratulatory remarks that China will emerge as the largest investor of Korea within the next three years if the current upward trend continues and Chinese investment in Korea is expected to surpass USD 1 billion this year.
The Chinese investment in Korea posted USD 330 million in 2008, USD 160 million in 2009, USD 410 million in 2010, and USD 60 million so far this year.
Minister Choi held a meeting with Chinese businesspeople after the inauguration ceremony and presented the Ministry’s plan to establish offices of China Desk, a designated organization currently operating in Shanghai to support China’s investment in Korea, in Beijing and Guangzhou. A large-scale investment seminar scheduled to be held in Beijing in June was introduced at the meeting.
The Minister said “the investment seminar will be focused on regional development, new and renewable energy, and cultural contents of Korean wave where Chinese investors are interested,” to encourage their participation.
He said that the expansion of the immigrant investor program, which has gained much attention from Chinese investors, would be reviewed in consideration of investment records and its impact on the real estate market and the sojourn of overall foreigners.
The immigrant investor program is currently implemented in Jeju Province and Alpensia, Gangwon Province, and Incheon and Saemangeum Free Economic Zones and Yeosu Tourism Complex strive to adopt the program.
Source: Yonhap News (March 22, 2011)