Updated June. 19, 2012 05:41
South Korean companies have agreed with China`s Jilin Province to pursue joint investment projects worth 3.9 trillion won (3.4 billion U.S. dollars), the Korea Chamber of Commerce and Industry in Seoul said Monday.
Jilin is bordered by North Korea and has a population of more than 27 million, with the city of Changchun as a major population center. More than 20,000 South Koreans live in the province.
The chamber held a Korea-Jilin economic and trade exchange meeting Monday at Lotte Hotel in central Seoul with key economy figures from South Korea and Jilin attending. Among the 100 Jilin officials and businessmen who participated included Sun Zhengcai, the Communist Party secretary of the province.
More than 300 South Korean figures attended, including chamber chairman Sohn Kyung-shik; Kim Jeong-tae, chairman of Hana Financial Group; Seol Young-heung, vice chairman of Hyundai Motor; Shin Bak-jae, chairman of NXP Semiconductors Korea; Vice Foreign Affairs and Trade Minister Kim Sung-han; Kim Hyung-joo, vice Seoul mayor for political affairs; Kim Yong-duck, chairman of the Korea China Exchange Association; and Lee Soo-sung, honorary chairman of the association.
Forty-eight South Korean companies including Lotte, CJ and Kwang Dong Pharmaceutical signed a deal to advance investment projects with the Jilin government and companies, including in Changchun, Liaoyuan and the Hongdo international trade complex.
They will cooperate in diverse sectors such as agriculture, construction, energy, distribution and tourism. The combined value of the investments is 21.3 billion yuan (3.4 billion dollars)
Chamber chairman Sohn said, "As one of the most promising heavy and chemical industrial hubs in China, Jilin Province saw its economy grow 13 percent per year over the past three years," adding, "The province has been nurturing the automotive and petrochemical businesses based on its rich human resources, and such an industrial focus provides Korean companies with a good opportunity."