Xiamen, S Korean FEZ strengthen economic ties
chinadaily.com.cn| Updated: Dec 16, 2019
Representatives from Xiamen in East China's Fujian province and Gwangyang Bay Area Free Economic Zone in South Korea sign a cooperation agreement Dec 9 in the Chinese city. [Photo/fao.xm.gov.cn]
Xiamen in East China's Fujian province and Gwangyang Bay Area Free Economic Zone in South Korea signed a cooperation agreement on Dec 9 in the Chinese city.
The two sides agreed to further enhance their economic exchanges and strengthen their cooperation in investment, industrial development and company services.
After the signing ceremony, officials from Gwangyang Bay Area Free Economic Zone explained the zone's investment environment to Xiamen companies.
The Gwangyang zone is one of the eight major economic free zones in South Korea, consisting of Suncheon, Yeosu, Gwangyang and Hadong county.
Food processing, mechanical equipment manufacturing and logistics are its main industries, and its economic scale stands at $120 billion, accounting for 10 percent of the total economic output in South Korea.
South Korea is the Chinese city's eighth largest export market and sources of imports. In recent years, the two places have seen closer exchanges with promising prospects from further cooperation.