Peng Wu was born in Qingdao, Shandong Province and graduated from Peking University Law School in Beijing and Kyushu University Law School in Japan. Upon returning to China in 1993, he co-founded Zhong Lun Law Firm, which has since grown to become a well-known law firm in China with Wu serving as managing partner.

During his more than 30 years of practice, Wu has provided legal services in areas such as foreign investment, cross-border investment, mergers and acquisitions, anti-monopoly, as well as foreign-related litigation and arbitration for numerous Chinese and foreign enterprises. His clients include many internationally renowned companies and leading enterprises in various fields such as energy and power, information, and intelligent technology.

In addition, he served as the executive director of the Economic Law Research Association of the China Law Society, arbitrator of the China International Economic and Trade Arbitration Commission, and vice chairman of the ICC China Competition Committee. Read on to find out more on Peng Wu’s career experience and why he thinks South Korea is a great place to do business.

How did you become interested in South Korea?

South Korea is geographically close to China and Japan and has similar historical backgrounds and cultural values, which lays a good foundation for cooperation among enterprises in the three countries.

I studied and worked in Japan for more than ten years and have a deep understanding of the uniqueness of the East Asian cultural circle. In addition, in the past 20 years, many lawyer teams in Zhong Lun Law Firm, where I work, have been engaged in legal business related to South Korea, and I have also gained a further understanding and interest in South Korea through them.

What about South Korea's economy/culture/history appeals to you the most?

As far as I know, South Korea's popular culture such as movies, TV dramas, K-pop, and medical aesthetics has an influence beyond national borders and has a wide audience in China, especially among the young.

As a lawyer, I pay more attention to the great economic attraction of South Korea. South Korea's innovation ability and outstanding achievements in fields such as semiconductors, automobiles, consumer electronics, manufacturing, medical aesthetics, and entertainment have attracted the attention of global investors. My cross-cultural background also makes it easier for me to understand South Korea's cultural characteristics and business models, which can help Chinese enterprises better understand the characteristics of the South Korean market and thus promote better exchanges and cooperation between the two sides.

Do you think Chinese companies are interested in investing in Korea? What sort of opportunities/sectors are they most interested in?

According to my observation, generally speaking, Chinese enterprises' interest in investing in South Korea is increasing, and the scale of direct investment in South Korea is showing a growth trend.

South Korea's high-tech industries such as semiconductor technology and electronics, as well as industries such as medical aesthetics and entertainment, have always been highly attractive to Chinese enterprises. At the same time, Chinese enterprises also look forward to innovative cooperation in fields such as digital economy, clean energy, and new energy vehicles.

What advice would you give these investors/companies from your country seeking to do business in South Korea?

Chinese investors should first strictly abide by South Korea's laws and regulations. In recent years, South Korea's foreign investment policies have been intensively revised, and various laws, regulations, and supporting policies related to foreign investment have been issued, such as the "Foreign Investment Promotion Act," the "Act on Special Measures for Strengthening the Competitiveness of Materials, Components, and Equipment Industries," and the "Operating Guidelines for the Cash Support System." Positive incentive policies are increasing, negative regulatory policies are decreasing, and support policies have been issued for key areas and cutting-edge industries.

In the face of these changes, for Chinese investors or enterprises that hope to do business in South Korea, it is recommended to actively take advantage of the aforementioned favorable policies, formulate a complete investment strategy, and continuously pay attention to the latest developments in South Korea's foreign investment policies and practices. If necessary, hire professionals such as lawyers for consultation. In addition, it is also recommended that Chinese investors adapt to local customs when doing business in South Korea and respect South Korea's business practices as much as possible.

How can South Korea become a more ideal country for Chinese enterprises?

I have known foreign enterprises’ expectations and concerns when investing in China based on my past experiences, and I think Chinese potential investors have the same expectations and concerns when deciding whether to invest in South Korea or not. For a country to become a better investment destination, it can consider introducing more open market policies and stronger support to attract foreign investors, e.g., reducing market access barriers for foreign investment, formulating reasonable foreign investment review scopes and rules; actively promoting foreign investment, reducing the operating costs of foreign enterprises in South Korea, and providing tax incentives, loan incentives, and financial support.

Fortunately, we have indeed seen that South Korea has been actively revising foreign investment-related policies in recent years to attract more foreign investors

In what ways do you think Chinese and South Korean companies can work together to deepen economic relations?

China and South Korea have great potential for cooperation in many fields and can deepen economic relations in various ways.

For example, the two sides can enhance their competitiveness in the global market through cross-border mergers and acquisitions and strategic cooperation, especially in high-tech, manufacturing, and new energy fields. Joint research and development and technology cooperation are also important ways to promote innovation and development by sharing technology resources. In addition, deepening the mutually beneficial cooperation of the industrial chain and supply chain can also enhance the international competitiveness of Chinese and South Korean enterprises. Of course, the establishment of deeper economic relations may also require further communication and exchanges in culture and thoughts between the two countries.

What would you like to accomplish during your time as the Honorary Ambassador for the Promotion of Foreign Investment for South Korea?

As the only Chinese citizen invited to serve as the Honorary Ambassador for the Promotion of Foreign Investment in South Korea this time, I aim to further promote information exchange and resource sharing between Chinese and South Korean enterprises, help enterprises overcome the obstacles of cultural backgrounds and legal requirements, and promote the smooth implementation of major cross-border investment projects.

At the same time, I also hope to create more business opportunities through strengthening exchanges and cooperation between Chinese and South Korean entrepreneurs, so as to further consolidate the economic relations between the two sides, and promote mutual benefit and win-win results for China and South Korea in the global economy.