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S. Korean industry minister holds investor roundtable in China

All News 14:00 June 05, 2018

SEOUL, June 5 (Yonhap) -- South Korea's industry minister on Tuesday held a roundtable meeting with Chinese investors from advanced industrial sectors, including semiconductors, renewable energy and next-generation cars, drawing about $500 million worth of investment pledges, his office said.

Paik Un-gyu met with representatives from a dozen major Chinese companies, including Jiangsu Changjiang Electronics Technology Co., Fujian Ruico New Energy Technology Co. and Beijing Automotive Group Co., the ministry said.

The roundtable gathering, which took place for the first time in two years, was aimed at reviving China's investment in South Korea and bolstering partnerships in advanced technology sectors, it noted.

South Korea's minister of trade, industry and energy vowed Seoul's government support for Chinese investors interested in forming joint ventures and technology partnership, highlighting the peace mood on the Korean Peninsula.

"This is the golden time for the two nations to expand investment and cooperation amid the new mood of detente and eased geopolitical risks in Northeast Asia," Paik said in an opening speech.

Investment from China slumped in 2017 amid strained diplomatic ties in the wake of South Korea's deployment of an American missile system, but it has been recovering this year after the leaders of the two nations agreed to normalize relations in December.

Investment pledges made by Chinese plunged 60.5 percent on-year to $810 million in 2017. The amount totaled $1.05 billion in the first quarter of the year, vaulting 541.5 percent from a year earlier, according to the ministry.

S. Korean industry minister holds investor roundtable in China - 1


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