South Korean representative gives a speech in the meeting.

On Dec 10, the Guangzhou-South Korea Economic and Trade Cooperation Roundtable Dialogue was held in Guangzhou. South Korea is an important trade partner for Guangzhou, with the city placing high importance on collaborations with South Korea.

Guangzhou is currently implementing a fresh wave of reforms in its industrial business environment, with a focus on enhancing key industrial chains by introducing value-added services. The city is dedicated to cultivating a business environment that is welcoming to industries, enterprises, and entrepreneurs.

The city is optimistic that South Korean companies will capitalize on development prospects in Guangzhou by ramping up their endeavors in technological advancements, boosting capital investments for expanding production, and improving their business strategies. Guangzhou remains committed to providing extensive support and top-notch services to foster the growth of all South Korean enterprises.

From January to October this year, Guangzhou's trade with South Korea reached 32.2 billion yuan ($4.4 billion), a 4.4-percent year-on-year increase, with imports totaling 22.46 billion yuan, up by 10.7 percent year-on-year. As of October 2024, South Korea had established over 1,800 enterprises in Guangzhou, with actual foreign investment exceeding $3.83 billion.

In 2024, trade between enterprises in Zengcheng district and South Korea surpassed 1.6 billion yuan. Zengcheng is home to a national economic development zone, a national-level integrated public transportation platform, a provincial-level specialized intelligent sensor industry park, and a high-end electronic information materials industry park. These resources present a plethora of investment and development opportunities for South Korea in cutting-edge electronic information, new display technologies, automotive manufacturing, and modern service industries.

Guangzhou exerts a strong allure on South Korean enterprises, boasting an advanced manufacturing system that spans a comprehensive industrial chain from research and development to production. This setup offers a conducive development environment for South Korean manufacturing firms. In specific domains such as environmental protection technology, Guangzhou is poised to complement South Korean enterprises effectively.

Additionally, with a dense population and robust consumer purchasing power, residents of Guangzhou display a keen appreciation for South Korean cosmetics, fashion products, and cuisine, underscoring substantial market potential for South Korean companies.