A high-level Chinese delegation is due to arrive in South Korea over the weekend to discuss Chinese investment in its neighbor’s culture, real estate and new energy industries.

Wei Jianguo, a former deputy commerce minister, said the governments of China and South Korea are pushing forward negotiations on a bilateral free trade agreement, which is due to be launched in the first half of this year.

“We expect to enhance Chinese investment in South Korea,” said Wei, head of the Chinese delegation to the China-South Korea investment cooperation forum due to be held in Seoul on Tuesday and Wednesday.

The 80-strong delegation includes former vice-premier Zeng Peiyan and well-known economist Wu Jinglian, as well as investment-promotion officials.

On the South Korean side, the forum will be attended by representatives of more than 600 South Korean companies, led by the Korea Trade-Investment Promotion Agency.

“We are targeting promoting Chinese investment in the culture and property sectors, as well as new energy and environmental protection,” said Wei, secretary-general of China Center for International Economic Exchanges.

South Korean statistics showed China’s investment in its neighbor was $3 billion last year, and was mainly in the tourism and entertainment industries. South Korean investment in China reached $36 billion in 2011.

“There is huge potential for Chinese companies to seek business opportunities in South Korea, as the industries are highly complementary,” said Wei.

Contact the writer at dingqingfen@chinadaily.com.cn