KOTRA Strengthens Industrial Cooperation with Shandong Provincial Government, China... 'RCEP Cooperation' MOU

"100 Korean Medical Bio Companies Respond"

[Asia Economy Reporter Moon Chaeseok] KOTRA announced on the 17th that it jointly held the 'Korea-Shandong Industrial Cooperation Plaza' in Jinan, Shandong Province, China, together with the Shandong Provincial People's Government and the China Council for the Promotion of International Trade (CCPIT). They discussed ways to utilize the Regional Comprehensive Economic Partnership (RCEP), a mega Free Trade Agreement (FTA) involving both countries, and signed related business agreements.

The event was held over two days starting from the 16th. It was organized to expand industrial cooperation and business exchanges with Shandong Province, a major trading region for Korea. Unusually, Li Ganjie, Party Secretary of the Shandong Provincial Government, and Zhou Naixiang, Governor, attended simultaneously.

The event, held both online and offline, included ▲ Industrial Cooperation Forum ▲ Policy meetings between Korean companies and the Shandong government ▲ Korean company presentations (IR) in the medical health and smart farm sectors ▲ One-on-one business consultations.

At the forum, experts from both countries exchanged views on industrial policies, investment cases, and ways to utilize RCEP. KOTRA signed a business agreement with the Shandong government focusing on ▲ trade and investment cooperation during the RCEP period ▲ strengthening support for small and medium-sized enterprises ▲ improving the business environment for investing companies.

In the policy meeting held before the forum, Korean companies discussed issues during the COVID-19 period such as ▲ shortening quarantine periods and facilitating movement ▲ support for companies affected by workplace closures ▲ expansion of vocational schools to secure labor force ▲ opening government procurement participation to foreign companies. Companies raised their requests, and Shandong responded through relevant departments.

The event was attended by 100 Korean companies and 98 Chinese companies in sectors including ▲ medical bio ▲ smart farm (green technology) ▲ shipbuilding and marine ▲ information and communication technology (ICT) ▲ consumer goods, participating both online and offline, conducting over 220 business consultations.

Shandong Province, along with Jiangsu and Guangdong, is a region with a large trade volume with Korea. Many Korean companies have entered coastal areas adjacent to Korea such as Qingdao and Yantai. Taking advantage of the shortest distance to Korea, it serves as a channel for exporting and importing consumer goods, raw materials, and intermediate goods to and from China through fast ferries (currently only transporting cargo).

Chen Yigang, Director of the Jinan Chinese Academy of Sciences Ubiquitous Intelligence Institute under the Chinese Academy of Sciences, the largest research institution in China, said, "In the future, digital technology integration will be essential in major industries such as medical bio," adding, "Through this event, we hope to expand joint research and development and applications between Korea and China in innovative technology fields such as the Internet of Things (IoT)."

Yoo Jung-yeol, President of KOTRA, said, "Shandong Province is geographically close to Korea, so many Korean companies have entered, and it is strategically important in terms of industrial material supply and demand," adding, "We will continue to promote economic cooperation partnership projects with local governments in China, including Shandong, to establish a stable export base to China and manage supply chains."

This content was produced with the assistance of AI translation services.