GDD attracts $5.75b in investment from S. Korea

In the first half of 2022, Guangzhou's imports from the Republic of Korea (ROK) reached 20.9 billion RMB, accounting for about 10 percent of the city's total. And Guangzhou saw 71 new ROK-funded projects, ranking first in the number of new foreign-funded projects in Guangzhou, according to the statistics released at the 2022 Exchange Meeting of ROK-funded Enterprises in Guangzhou on Investment and Business Environment held on August 18.

So far, the ROK has invested in 1,477 enterprises in Guangzhou, with a total contract value of 4.40 billion USD and the actual use of foreign capital of 3.82 billion USD. 

There are 138 ROK-invested enterprises in Guangzhou Development District, with a total investment of 5.75 billion USD. The ROK companies such as LG Display and LG Chem have constructed industrial clusters centered on new display and other industries.

The event was organized by Guangzhou Municipal Commerce Bureau, Consulate General of the Republic of Korea in Guangzhou, Guangzhou Development District, the Korea Chamber of Commerce and Industry in Guangzhou, and the Guangzhou Office of the Korea Trade-Investment Promotion Agency. 

About 120 people attended the event, including executives from the ROK Fortune Global 500 companies in Guangzhou, such as LG Display, Hyundai Motor, LG Chem, and POSCO.

At the activity, officials from relevant departments of the city answered questions raised by the representatives of the ROK-invested enterprises, covering visa, employment, power supply, storage, social security, epidemic prevention, and control.

Hong Qian, Director General of the Guangzhou Municipal Commerce Bureau, said at the discussion, "Guangzhou is establishing an express negotiation mechanism between municipal leaders and multinational companies, and the first batch of service centers for international businessmen have been put into use."

Hong also mentioned that Guangzhou will continue to optimize the business environment and establish the city as the first choice for global enterprises to invest and develop.

"Over the 13 years since I started working in China, I found that the Guangzhou government was the first to establish a regular negotiation mechanism and communication channel for the ROK-invested enterprises. The city has held exchange activities for three consecutive years, showing its strong determination to solve difficulties for and forge ahead with ROK-invested enterprises," said Kim Joo-chul, director of the Guangzhou Trade Pavilion of the Korea Trade-Investment Promotion Agency.