On March 13, Daegu-Gyeongbuk Free Economic Zone and Yancheng Economic Development Zone agreed to sign an MOU to foster Korea-China Economic Cooperation Complex and explore ways of cooperation. This was the result of recent investment attraction activities in Beijing, Xian, Yancheng and Ningbo led by DGFEZ commissioner, Gun-woo Do, which aimed at promoting investment environment in Korea to China, the number one trading country of S. Korea.

With the signed MOU, both parties will cooperate to foster Korea-China Economic Cooperation Complex, develop investment attraction programs, join public relations, exchange information on target industry companies and support joint ventures.

Both parties plan to foster Korea-China Economic Cooperation Complex to become a production base of high-tech industry and a Northeast Asian logistics hub. Korean companies can target Chinese market while Chinese companies can produce ‘Made in Korea’ products to export to Chinese and global market. Especially, countries which have not yet signed FTA with China are expected to be interested in indirect effects of signing FTA with China through investing in S. Korea.

Commissioner Do said, “Fostering Korea-China Economic Cooperation Complex is a framework for attracting foreign investments. Thus, DGFEZ will actively cooperate with Daegu Metropolitan City and Gyeongbuk Province.” He also commented, “Economic exchange is now increasing between S. Korea and China and Chinese capital is seeking opportunities outside China showing positive signs of attracting Chinese companies, so DGFEZ will adopt anticipative and active investment attraction plans like organizing Chinese Investment TF team, establishing Chinese homepage and operating Chinese student embassy projects.

※President Park Geun-hye held summit talks with Chinese President Xi Jinping in July 2014. The two leaders discussed ways to develop Korea-China Economic Cooperation Complex. Currently Yantai in China and Saemangeum in Korea are in consideration as a leading project. The Chinese government set up a policy to foster three Economic Cooperation Complex in Yantai, Yancheng and Yanbian.