YANTAI, China, Dec. 2, 2019 /PRNewswire/ -- The tides of change
are crashing in the coastal Chinese city of Yantai - but in a good
way. On November 27th, 2019, it was
announced that a new China-South Korea Industrial Park and Free
Trade Zone will be established in the Shandong metropolitan. A foreign media tour will follow its
establishment. "The opportunity of expanding cooperation
between Yantai and South Korea has
come," were the words of Yu Yongxin, member of the Standing
Committee of the Yantai Municipal Party Committee, in the initial
address to announce the initiative.
Being the closest free trade area to South Korea, the initiative aims to achieve
greater opportunities for South Korean companies to develop
enterprises in the coastal city, and strengthen an already existing
and extensive relationship. The Shandong Pilot Free Trade Zone is a
national-level platform that will complement the "Belt and Road"
and aims to make the process of approval and registering
foreign-owned enterprises more efficiently, and in effect, attract
investment from both South Korea
and Japan. Also, it is hoped that
the new free trade zone will lead an upsurge of innovation and
development, leading Yantai into a new chapter of growth. With 18
South Korean-funded Fortune 500 projects already operating in the
district, and a Korean-style pedestrian street, the city of Yantai
is making clear that it's doors are open and ready to do
business with its regional neighbors.
Roughly 30,000 South Koreans already live in Yantai, and with
South Korea being the coastal
city's largest trading partner and largest source of investment,
this is the next step to strengthen their economic relationship.
The partnership will also include Japan as it is the city's third largest
trading partner and source of foreign investment. The State Council
aims that over the next 2-3 years that the China-Japan-South
Korea regional cooperation will make Yantai more
competitive, bring in further investment, and aims to promote open
cooperation between the city and it's two regional neighbors.
Yantai is a prefecture-level city in northeast Shandong Province, China, with just under seven million people.
The coastal city was one of the earliest Chinese cities to have an
approved state-level economic development zone, called the Yantai
Economic and Technological Development Area, and is one of the
largest trading ports and fishing seaports in the nation, thus has
enjoyed significant economic prosperity. While agriculture remains
the dominant economic force in the city - China's oldest winery, Changyu, is based on
the outskirts of of Yantai - the goverment has been making a
significant push to develop new
industries and add some new wind to the city's sails.
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SOURCE Information Office of the People's Government of
Shandong Province