[PhotoSouthcn.com]
An industrial park which is a joint venture between China and the Republic of Korea (ROK) will be set up in Huizhou to further cooperation in high-end industries and improve bilateral economic ties, according to a circular released by the State Council on Dec 15.
Three China-ROK industrial parks form part of the result of a bilateral free trade agreement that took effect two years ago. The other two will be set up in Yancheng, Jiangsu and Yantai in Shandong.
Huizhou has worked out an overall construction plan for the industrial park. The park will develop around the existing Sino-Korean cooperation in Huizhou’s two major development districts, HZZK Hi-tech Development Zone and Huizhou Daya Bay Economic and Technological Development Zone.
The industrial park has introduced a major project, the Sino-ROK Science City. It’s being co-developed by Huizhou municipal government and SK HOLDINGS, the third biggest multinational enterprise in Korea. With an overall investment of 100 billion yuan, the project will focus on semiconductor chips, new energy, bio-medicine, culture and data industries.
The Korea Techcode Incubator is also now located in the park. With its global resources, especially drawing on resources located in Korea, the incubator will attract more innovative technology and creative ideas to Huizhou from Korea.
The plan indicates that industrial park will put the China-ROK free trade agreement (FTA) in place, promote experiences of China’s pilot free trade zones, and co-building the Belt and Road Initiative.
Why Huizhou?
The park is the first Sino-ROK industrial park in Guangdong. Why Huizhou?
Located in the Pearl River Delta, Huizhou has competitive advantages for foreign trade and clusters a large number of innovative enterprises. In addition, the city has also established close relationship with Korea.
Since the reform and opening-up, Huizhou has seen increasing economic collaboration with Korea in panel displays, mobile Internet, new energy, intelligent manufacturing, etc.
Currently, the city has attracted 250 Korean enterprises with investment amounting to 990 million USD. In which, 33 Korean enterprises have invested over 10 million USD mainly in the electronic information and chemical engineering industries. Furthermore tech giant Samsung set up its largest manufacturing plant in China in Huizhou.
In 2016, Huizhou’s total trade with ROK has reached a staggering 74.12 billion yuan, accounting for 18.2 percent of the provincial total. During the first nine months of this year, Huizhou’s import and export volume has reached 62.76 billion yuan, up 34.9 percent year-on-year.
Reported by Will Wei; Jasmine Yin
Editor: Wing Zhang; Simon Haywood
