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China invites more investment from ROK

By Li Jiabao (China Daily)

09:50, November 24, 2012

China's deputy commerce minister has encouraged more South Korean investment in the country's high-end manufacturing sector, its green industries, and its modern service industries.

Meeting senior officials from major South Korean enterprises, Wang Chao said that "steady economic ties between China and South Korea are not only important to both sides, but also to East Asian integration".

The South Korean representatives, meanwhile, urged the Chinese government to loosen limitations on foreign investment.

This year marks the 20th anniversary of the establishment of diplomatic ties between China and South Korea.

Bilateral trade has increased from $100 billion to $200 billion in the past five years and is projected to reach $250 billion this year, and meet a target of $300 billion by 2015, according to Lee Kyu-hyung, ambassador of South Korea to China.

Wang said: "We will widen investment sectors for foreign companies, innovate the use of foreign direct investment and further improve the investment environment.

"We hope South Korean companies will cooperate more closely with Chinese enterprises in high-end manufacturing and the green sector, and increase their investment in China's modern services."

He added in particular that cooperation could provide more investment in the central and western regions of the country, as the Chinese government balances regional development and improves infrastructure in those areas.

South Korean investment in China has amounted to $52.4 billion so far, and is China's seventh-largest source foreign direct investment.

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