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ROK to Invest in Western China
The Republic of Korea will strive to go ahead of all others or at least go alongside others in China's west development drive, according to ROK ambassador to China Kwon Byong-hyon.
The ambassador is to lead an ROK delegation to tour Gansu, Xinjiang, Shaanxi, Sichuan and Chongqing.Representing such large firms as Daewoo, Samsung and Hyundai and some small and medium-sized enterprises and banks, the delegation will seek investment and development opportunities in the region.
The ambassador said that ROK is ready to make medium-and long-term investment in the western part of China.
Describing ROK investors as thirsty horses, the ambassador said that he will drive this horde of thirsty horses to this fertile pasture and let them drink and eat to their heart's content.
The ambassador said ROK's long-term low interest government loan to China amount to 90 million US dollars a year. In addition, ROK will offer 20 million US dollars of loans for building the Mianyang International Airport in Sichuan. ROK also hopes to get involved in the Urumqi-Shanghai gas pipeline project. Other projects for cooperation may include road construction and civil aviation in Shaanxi
The ambassador revealed that ROK plans to invest one million US dollars each year in afforestation in Baiyin and Pingliang of Gansu Province, Hancheng City of Shaanxi Province and the upper reaches of Miyun reservior in Beijing.
Statistics provided by the ROK Embassy in China showed ROK launched 1,648 projects in China in 1999 involving 1.54 billion US dollars, ranking sixth among the top ten foreign investors in China.
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