The Dalian-based Zhangzidao Fishery Group has invested 100 million ($16 million) in an export-oriented aquatic product industrial park on Jindo Island, South Korea. A ground-breaking ceremony for the park was held on Nov 29.

The industrial park, the first of its kind, is financed by a Chinese company based in South Korea. The park is China's second largest project in terms of investment volume.

The project is one of eight important strategic aquaculture projects supported by South Korea. Construction is planned to take five years and will include breeding bases for sea cucumber and abalone as well as seaweed farming and seafood processing.

"The Chinese embassy will pay attention to the development of this project in South Korea and provide support and services," said Zhou Changting, commercial counselor of the Chinese embassy in South Korea. The project is believed to be a new model for Chinese companies investing in South Korea.

At the foundation-laying ceremony, Zhangzidao Group also donated 10 million yuan to Jindo Island as a "Personnel Training Scholarship".

Wu Hougang, chairman of Zhangzidao Fishery Group, said that the investment aims to bring in sustainable development and build a better future for aquaculture on Jindo Island and its local fishermen.

Zhangzidao Fishery Group signed a cooperation agreement with Jindo Island on Oct 29, 2010. The company's South Korea branch was founded on Jan 11, 2012 and was approved to construct the first phase of the industrial park on Nov 6 this year.

Edited by Zhao Qian and Michael Thai