Govt eager for South Korean investment in Yangtze River Delta

South Korean companies are being encouraged to invest in the Yangtze River Delta region to allow more businesses and residents in the area to benefit from the China-South Korea Free Trade Agreement, the Ministry of Commerce said on Monday.

Officials said Zhongfa Group, a Beijing-headquartered company that manages more than 100 billion yuan ($15.2 billion) of capital and assets in the real estate and insurance businesses, for instance, will partner with seven South Korean companies from the service industry to build large hospitals, hotels, educational, financial and consulting businesses, as well as a movie and TV themed town in Yuecheng, a district of Shaoxing, this year.

The Federation of Korean Industries, which helps South Korean companies facilitate new business in overseas markets, and Shaoxing government and China National Building Material Group Co, will also build industry and innovation parks in Shaoxing to jointly develop new material, electric vehicle and energy-saving products through the industrial cluster effect this year.