Wuxi, South Korea to deepen economic cooperation

The Wuxi-South Korea Industrial Chain Matchmaking Cooperation Conference took place in Wuxi, East China's Jiangsu province, on Oct 15.

Over 160 representatives from 90 enterprises and institutions, along with government officials from Wuxi and Jiangsu province, attended the event and discussed cooperation and integrated economic development in Wuxi and South Korea.

Wuxi Party Secretary Huang Qin thanked participants for their long-term contributions to the city's economic development. He said that Wuxi is a vibrant city with a profound cultural heritage and beautiful natural scenery. It has become a unique industrial hub of China and has attracted a lot of investment from South Korea.

According to Wuxi commerce bureau, the city saw its actual use of foreign capital hit $1.96 billion from January to August in 2020, 14.36 percent of which came from South Korea to reach $280 million. With investment from famous South Korean enterprises such as SK, Samsung and LG, the Asian country has become Wuxi's second largest source of foreign investment.

In order to get win-win achievements, Huang suggested that Wuxi and South Korea deepen cooperation in more industries, particularly in the information industry, intelligent manufacturing, biomedicine, and modern services.

Choi Young-sam, consul general of South Korea in Shanghai, spoke highly of Wuxi's efforts to help cities in South Korea fight against the COVID-19 epidemic offering medical supplies.

Choi said people in South Korea are enthusiastic about cooperation and development in Wuxi. He said he expected the conference to become a platform for exploring a new model of Sino-South Korean cooperation that involves the intelligent manufacturing and new materials industries.

A research report on South Korean industrial cooperation in Wuxi was published and the Wuxi-South Korean Enterprise Investment Service Online Platform was launched during the event, which was themed on "resource sharing and information exchange". The online platform will make use big data and intelligent technologies to better integrate the city's investment information resources and attract more investment from South Korea.

Park Hong-kyu, a standing committee member of LG Chem and director of Leyou New Energy (Wuxi) Co, was hired as the third "Wuxi International Economic and Technological Consultant" and promoted Wuxi at the event.