Advertorial
Home>Updates

District seizes opportunities to enhance trade relations

By YUAN SHENGGAO | (China Daily Gloabl) | Updated : 2022-11-23

Shenbei new district in Shenyang, Liaoning province, is expected to be the city's core area for cooperation with the Republic of Korea, said a local senior official.

Tao Hongyu, deputy director of the district's commerce bureau, made this remark when she attended the 2022 China (Shenyang) South Korea Week which concluded on Monday.

Shenbei has been strengthening trade and economic exchanges with South Korea since the district was established in 2006, Tao said.

The district set up its ROK office in 2011 and built a sister-city relationship with the Incheon Free Economic Zone in 2012.

Supported by the National Development and Reform Commission, the district's representatives participated in the 14th China-ROK Economic Ministers' Meeting in Seoul in 2016, which laid a strong foundation for closer bilateral collaboration.

Tao said Shenbei new district now has 14 ROK-funded enterprises, with registered capital totaling $500 million.

Of them, CJ Bio (Shenyang), a producer of food additives, recorded average annual foreign currency earnings of about $100 million.

It has become one of the major exporters in the district, according to Tao.

South Korea's top confectioner Orion Food built a plant at the district in 2012, and increased investment two years ago to implement an expansion project.

Both are leading businesses for the local food and pharmaceutical industry, according to Tao.

In addition, there are five homegrown companies focusing on trading with ROK, Tao said, adding that their foreign trade volume amounted to 468 million yuan ($65.74 million) in the past three years.

The China (Shenyang) South Korea Week is a favorable platform to boost economic and cultural exchanges between the city and ROK, she said.

Shenbei new district will seize opportunities offered by such events as well as the Belt and Road Initiative and the Regional Comprehensive Economic Partnership agreement, promoting further trade collaboration with ROK, Tao said.

She added that the district has the strength, determination and confidence to serve as a key driver for Shenyang-ROK cooperation in the future.

The China (Shenyang) South Korea Week has been held 18 times since its launch in 2002, according to the local government.

This year's event features an exhibition, seven economic and trade conferences and five cultural activities.

More than 190 South Korean companies took part in the exhibition held at the Shenyang New World Pavilion including some Fortune Global 500 enterprises such as LG Electronics and the carmaker Hyundai Motor.

637d9b10a31009d72a2f65c4.png

An aerial view of Shenbei new district in the northern outskirts of Shenyang. CHINA DAILY

Copyright © Liaoning Province. All Rights Reserved.Precented by China Daily.
京ICP备13028878号-6