ROK Enterprises Plan Procurement in Shanghai

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Last updated at: (Beijing Time) Saturday, August 23, 2003

ROK Enterprises Plan Procurement in Shanghai

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Twenty-eight enterprises from the Republic of Korea (ROK) held talks here Friday with 210 enterprises in order to find opportunities in commodity purchasing in this leading industrial and commercial city of China.

The activity was organized by the Korea Importers Association and these enterprises have planned to buy chemicals, machinery, electronics and commodities for daily use.

Pan Longqing, director of Shanghai's Foreign Trade and Economic Cooperation Committee, said that the made-in-Shanghai commodities and ROK products complement each other, which was a good factor that would play a role in promoting bilateral trade and economic development.

According to statistics from Shanghai Customs, the ROK is now the fifth largest trade partner of Shanghai.

Shanghai's exports to the ROK totaled 1.75 billion US dollars in the first half of this year, and its imports reached 3.42 billion US dollars, up 19.6 percent and 96.6 percent respectively over the same period of last year. Shanghai's export commodities included electro-mechanical products, garments and ornaments, and textile products.

ROK enterprises had invested 770 million US dollars in 614 projects in Shanghai by the end of July.

Chul-Pyung Chin, chairman of the Korea Importers Association, said that 28 percent of ROK's total imports from China came from Shanghai and 32 percent of the ROK's investment in China was concentrated in Shanghai and the Yangtze River Delta near the city.

The Korea Importers Association has 13,000 member enterprises and has business relations with more than 50,000 economic and trade organizations in over 100 countries. The association's members handle 90 percent of the ROK's total imports.

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