By holding an investor relations meeting in Shanghai, People’s Republic of China, on the 26th, Gyeonggi Province took formative steps for advancement into the Chinese market. 

In the investor relations meeting that took place in Shanghai Sheraton Hotel, approximately 300 people participated including the managers of the local economic organizations such as Shanghai Commerce Committee Vice President Hwang Fung, Shanghai Auto Parts Association President Shi Hao, corporate managers of investment and financial companies, and Chinese local government officials. The event ended successfully. 

During the investor relations meeting, Gyeonggi Province introduced Foreign-exclusive Industrial Complexes, KINTEX, Gimpo Cinepolis, the Jeongok Marine Industrial Complex, the Yellow Sea Free Economic Zone, and other Gold Coast development projects to participants. Gyeonggi Province focused on the numerous merits of the province as an investment destination including large consumer markets in the Korean capital area and Northeast Asia and an abundance of quality human resources as well as comprehensive transportation and communication facilities. 

In the consultation sessions that followed the investor relations meeting, as many as twenty production companies and investment financial companies participated, exhibiting considerable interest in the Foreign-exclusive Industrial Complexes and other development projects. 

As China has rapidly emerged as one of the world’s great economic powers, Gyeonggi Province has been implementing strategies to attract Chinese investment since the end of last year. With the Shangahi investor relations meeting, the province plans to actively attract Chinese investment. 

China has maintained the world’s largest foreign exchange reserves for the past four years. In 2008, it invested USD 559 million in the establishment of 12,000 companies overseas. Such active investment initiatives make China an attractive target for investment attraction. 

In his welcoming address, Gyeonggi Province Governor Kim Moon-Soo said, “Korea has been one of the largest investors in China since the 1990s.” He asserted, “The Gyeonggi-Shanghai division of labor that combines Shangahi’s finished goods production with Gyeonggi’s parts production will facilitate mutual development of both sides. Let’s turn over a new leaf and start a fresh chapter of coexistence and cooperation.” 

Meanwhile, during the investor relations meeting, Gyeonggi Province, BOYU of China, and Sale Network of Korea signed a memorandum of understanding for an investment of USD 20 million. 

BOYU is a company that produces a largest number of automotive electronic components and new-energy car parts in China. By signing a contract for investment in Gyeonggi Province with Sale Network, which mainly supplies auto parts in Korea, the company became the first case of a Chinese company entering the overseas market via Korea’s technology and distribution networks. If BOYU starts production in Gyeonggi Province, it will create as many as 150 new jobs. 

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In addition, BOYU plans to build an R&D center to develop a new-energy car generator. When it is linked with Korea’s advanced auto production technology, BOYU’s R&D project will contribute greatly to the development of Korea’s auto industry.