A commercial street featuring South Korean culture has been built in Yantai, Shandong province. [Photo/ WeChat account: gh_5ec6eb206937]

The China (Shandong) Pilot Free Trade Zone Yantai Area made significant progress in attracting Japanese and South Korean investment in 2020, local authorities reported.

The area currently has eight South Korean enterprises covering the fields of big data, information system integration, internet of things technology, and synthetic fiber manufacturing.

In addition to South Korean projects, the city welcomed an international education project invested by Japan and its first Japan-funded cross-border e-commerce project. China's first ultra-high-definition industrial institute, which was invested by the Japanese Sharp Corporation, was also launched in the area.

The Yantai FTZ also took the lead in providing cross-border approval services. The area provides two-way consulting services through online and offline channels to lower the costs of overseas operations that result from administrative complexity.

Investors can complete all the necessary procedures from their homes. A license for the Yantai FTZ area can be obtained in just five days.

To improve the living environment of expats, the area has built a commercial street with distinctive South Korean characteristics. The street featuring culture and folk customs from South Korea integrates catering, retail and finance industries. A commercial street focusing on Japanese culture is currently under construction.