KOTRA Discusses Industrial Cooperation in Jiangsu Province, China's Green Industry Hub

2022 Korea-Jiangsu Green Mobility Cooperation Plaza Held

[Asia Economy Reporter Kim Pyeonghwa] The Korea Trade-Investment Promotion Agency (KOTRA) held the '2022 Green Mobility Cooperation Plaza' on the 18th in Yancheng City, Jiangsu Province, China, in collaboration with the Consulate General of the Republic of Korea in Shanghai. This event was promoted in cooperation with local governments such as Yancheng City, Jiangsu Province, in connection with the 30th anniversary of Korea-China diplomatic relations and the global carbon neutrality agenda.

The Jiangsu Provincial Development and Reform Commission presented on the theme of 'Future Energy Vehicle Industry Development Plan' at this forum. It emphasized technological advancement, corporate fostering, and basic infrastructure, aiming to increase green mobility production to 500,000 units by 2025, thereby enhancing the overall industrial competitiveness. Yancheng City introduced the Korea-China Industrial Park and outlined support policies being prepared, such as corporate tax reductions and cost savings.

At the 'Green Mobility Cooperation Business Consultation Meeting' held simultaneously with the forum, about 40 one-on-one online and offline consultations took place between domestic companies in green industries such as hydrogen and secondary batteries and Chinese companies. A promotional booth showcasing introduction materials and product samples from 10 domestic participating companies was also set up.

Jiangsu Province has ranked second in economic scale (GDP basis) within China over the past decade. As of the end of last year, it is the largest trade and investment destination for Korea, with many leading domestic companies such as Samsung, LG, and Kia Motors having entered the market. It is also a region being promoted as a green industry development and manufacturing base in China through the 'Green Industrial Development Plan' announced this year.

According to Jiangsu Province's '14th Five-Year Plan (2021?2025) for New Energy Vehicle Industry Development,' the share of renewable energy consumption is expected to expand to about 15% by 2025. One hundred commercial hydrogen charging stations will be installed, and a total hydrogen supply system including production, storage, and transportation is also planned. Plans also include technological advancements in renewable energy components and materials, as well as the expansion of medium and heavy-duty freight and logistics vehicle distribution.

Hong Changpyo, head of KOTRA's China Regional Headquarters, said, “Jiangsu Province is a leading region in China's carbon neutrality and green industry development, and it is an area where our companies should show priority interest in related fields.” He added, “KOTRA will continue to expand green industry exchanges between Jiangsu Province and domestic companies to create mutual synergy effects.”

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