News & Event
- News & Event
According to Yonhap News,
(SEOUL = Yonhap News) Six organizations built a joint system for the successful construction of the Saemangeum China Valley, Korea’s first interstate special economic zone.
Korea Trade-Investment Promotion Agency (KOTRA), Korea Agency for Saemangeum Development and Investment (KASD), The Federation of Korean Industries (FKI), Korea Federation of SMEs (KFSM), Korea Development Bank and the South Jeolla Province gathered at KOTRA’s headquarters and concluded an agreement to support the Korea-China economic zone.
Under the agreement, KOTRA will be in charge of discovering and luring foreign investors and the FKI and KFSM will attract domestic companies. Korea Development Bank will manage financial and investing activities. The KASD will handle the general operation of the project and Jeonbuk will provide administrative and financial support.
To proceed with the project, KASD and KOTRA will hold a Korea-China investment cooperation forum in June, and a MOU will be signed by both the Korean and Chinese governments.
Korea and China agreed to jointly proceed with constructing the Saemanguem China Valley last December at the economic ministerial meeting. The Saemangeum China Valley project aims to develop a 25.8 km2 complex city that combines industry, education, R&D, residence and business.
The KASD is set to attract high-tech and future growth industries to the China Valley, such as the new and renewable energy industry and high value-added bio-agricultural industry. It is scheduled to complete the first phase of the project including site construction by 2020 and proceed the second phase.
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Source: Yonhap News (April. 3, 2014)
** This article was translated from the Korean.