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China invites more investment from ROK (2)

By Li Jiabao (China Daily)

09:50, November 24, 2012

Meanwhile, Chinese investment in South Korea totaled $1 billion and "will further expand in the future", according to Wang.

China and South Korea pledged this week to speed up their Free Trade Area negotiations, after announced the beginning of negotiations in May.

China, Japan and South Korea agreed to open negotiations on a free trade agreement on Nov 20, aimed at creating a better environment for investment.

Wang Yun-jong, chairman of the Korea Chamber of Commerce in China, said: "South Korean enterprises in China hope the bilateral FTA can be signed as soon as possible and expect it will be a high-reaching agreement including tariff reduction, opening-up of the services sector and protection of intellectual property rights."

He also said he expected the Chinese government to loosen limitations on foreign investment in the cultural and creative industries, including the film industry, and that foreign investment in broadcasting could be allowed.

Kang Duk-soo, the chairman of STX Group, formerly Ssangyong Heavy Industries, called for equal treatment in governmental grants for complete equipment exports, while Nam Young-woo, president and CEO of LG Electronics (China) Co Ltd, urged the government to ease investment requirements on new energy car batteries.

Despite inflow of foreign investment in China dropping in 11 of the past 12 months, spending by South Korean companies increased by 15.1 percent year-on-year to $5.24 billion in the first 10 months, according to commerce ministry figures.

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