Wang Quan, the mayor of Wuxi, Jiangsu province, met with a delegation from South Korea's LS Group headed by Koo Ja-yeol, the chairman and the CEO of the group, to discuss further cooperation between the two sides on May 15, the Wuxi Daily reported.

Since China and South Korea have signed a free trade agreement early this year, the cooperation between the two countries has entered into a new stage, Wang said.

Wuxi New District, where LS is based, has become a center of economic growth in the city, clustered with a number of South Korean enterprises, the mayor added. He also expressed his hope that the group could expand the cooperation basis and bring in new and more products and technologies to the city.

Koo praised the government for the support it lends for the company's development in the city. He pledged that the group would give Wuxi priority consideration in boosting the investment and making more contributions to the economic development of the city.

The group set up the LS Industry Park in Wuxi New District, where three LS group companies are located, in 2004. So far, the total investments by the three companies have exceeded $130 million, and the total sales revenue surpassed 2 billion yuan ($320 million) in 2014.