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Gov't holds meeting on luring China investment

All News 09:33 December 06, 2017

SEOUL, Dec. 6 (Yonhap) -- South Korea's commerce ministry hosted a meeting of Chinese entrepreneurs and private experts in Seoul on Wednesday to help address tumbling investment from the neighboring country.

The meeting, the second of its kind this year, focused on ways on how to stem plunging investment in South Korea from Chinese companies and seek investment cooperation models, the ministry said.

The gathering brought together officials from Chinese companies that have built production facilities in South Korea, and private experts engaging in joint projects in the world's second-largest economy.

Noting the brand recognition of South Korean products and consumer trust in them remain strong, experts advised South Korean companies to join hands with Chinese firms to enter the Chinese market or third countries.

Based on their opinions, the ministry said, it will ramp up efforts to attract Chinese investors and find new models for investment cooperation.

The meeting comes amid a nosedive in China's investment in Asia's fourth-largest economy. Chinese investment in South Korea has tumbled 60.5 percent on-year this year, compared with a 65.1 percent jump in investment from Japan and an 11 percent gain in U.S. investment.

In early November, Seoul and Beijing agreed to put bilateral ties back on track, setting aside their bitter row over the installation of a U.S. missile defense battery in southeastern South Korea.

Claiming the missile shield threatens its security, China banned the sale of group tours to Seoul in retaliation, dealing a harsh blow to local duty-free shops and the tourism sector.

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