South Korean delegation increases economic ties with Xiamen

A delegation from Gwangyang Bay Free Economic Zone, one of the eight major economic free zones in South Korea, visits Xiamen, East China’s Fujian province, from Sept 23 to 25. [Photo/fao.xm.gov.cn]

A delegation from Gwangyang Bay Free Economic Zone, South Korea, visited Xiamen, East China's Fujian province, from Sept 23 to 25.

With the assistance of Xiamen's Foreign Affairs Office, the South Korean delegation discussed cooperation with the Chinese city's municipal bureau of commerce and the signing of an agreement to enhance their economic and trade cooperation.

On Sept 24, Lin Zhenya, deputy head of the Xiamen Municipal Bureau of Commerce, met with the South Korean delegation.

The two sides described their respective investment environment, key industries, foreign investment, and development in mechanical and electrical products and food.

They reached a preliminary consensus at the meeting to enhance cooperation in computer and communications equipment, integrated circuits, modern logistics, food, and mechanical equipment manufacturing.

They also expected assistance from the Foreign Affairs Office in Xiamen to ink a cooperation agreement by the end of this year to further strengthen economic and trade exchanges between the two.

During their stay in Xiamen, the South Korean delegation also visited OGAWA Inc and Xiamen Yangjiang Foods Co in order to learn more about their future plans, cross-border investment, and technological cooperation. They also described their business environment and resources to Xiamen companies in search of further cooperation.

Gwangyang Bay Free Economic Zone is one of the eight major economic free zones in South Korea and consists of Suncheon, Yeosu, Gwangyang and Hadong county.

Food processing, mechanical equipment manufacturing, and logistics are its main industries, and it accounts for 10 percent of the total economic output in South Korea.