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Yantai attracts 3,851 S. Korean projects worth $12.4 billion

Updated : 2019-05-24


The city of Yantai has kept close business ties with South Korea, which is the top investor and largest trade partner of Yantai.

The city has attracted 3,851 South Korean-backed projects, with contractual capital utilization worth $12.4 billion and actual utilization of $6.17 billion, according to statistics announced at a meeting for South Korean-funded companies in Yantai on May 11.

In the first quarter of this year, the number of newly-registered South Korean projects in Yantai amounted to 16, up 128.6 percent, with the contracted value growing 407.8 percent to $150 million.

At the meeting, the representatives of South Korean companies brief their operation, problems and requests.

The investment promotion authority answered questions on site, noting that the department will focus on providing services to foreign companies, work with other relevant departments, innovate government services and better implement measures, to make Yantai an ideal destination for South Korean investors to start businesses, work and live.

In recent years, Yantai has prioritized the business environment optimization for South Korean companies.

The government now plans to take multiple measures, including offering handbooks in South Korea language at the airport, and launching a South Korean website and TV channel to improve the investment environment for South Korean investors.

Furthermore, it will establish a service system to respond to all the requests of foreign enterprises, hold policy promotion meetings and conduct campaign for historical issue solving, with the aim of better facilitating the development of South Korea-funded companies.

In addition, Yantai welcomes attendance of South Korean companies' leaders in the upcoming "2019 Hundreds of South Korean Companies Tour Yantai," which has received positive response.