KOTRA hosted "Korea-China's Hubei Province Economic Cooperation Briefing Session" on Sep 23
Presentation on success stories of Korean companies making inroads into China's inland market

KOTRA and Hubei Provincial Government of China hosted "Korea-China Hubei Province Economic Cooperation" briefing session at Westin Hotel, Seoul on September 23. The session was participated by the delegation of Hubei Government led by Deputy Governor Zhao Hai Sheng and 200 business people from Korea and China. It was consisted of ▲ Introduction to investment environment of Hubei Province ▲ Explanation on the status of Hubei Pilot Free Trade Zone ▲ Presentation by Korean companies succeed in entering Hubei ▲ Signing Ceremony for Korea-China Enterprises Investment Project.

Hubei Province is deemed as a main beneficiary of policies run by the central government as the province was included in China's main development strategies such as "Rise of Central China" and "Yangtze River Economic Belt". Following Hubei Pilot Free Trade Zone launched in 2017, the Wuhan cross-border E-commerce pilot area went into operation recently. E- Commerce of Hubei Province has been booming, with its trade amounting to 160 million yuan in the first half of this year.

Last year, GRDP of Hubei Province recorded USD 594.9 billion, up 7.8 percent from the previous year. It was ranked 7th among 31 provinces, cities of China, emerging as the growth engine for central China. In particular, large-scale projects in the 6th generation OLED, 10.5-generation LCD panel, and memory areas are about to be ordered driven by a policy to foster the high-tech manufacturing industries including IC, pharmaceuticals, and semiconductors. Consequently, demand for related machines and parts equipment has been on the rise.

The briefing session gives an opportunity to explain investment environment of Hubei Province and sign on project. Korean companies in various fields such as pharmaceutical, materials, and IT showed much interest in investment as a way to enter the market.

Shawn Chang, Head of Invest KOREA said, "Hubei Province is a core region in central China, and will lead innovation of industries including manufacturing," adding that "Building on MOU KOTRA signed with Hubei Province last year, we will lay the foundation for cooperation including inducing investment in Korea."

Source : Invest KOREA (September 24, 2019)