Coastal Cities Are Cashing In on the Free Trade Agreement Between China and South Korea
Coastal cities in Shandong province is cashing on the China South Korea Free Trade Agreement in expanding business in the e-commerce, creativity, healthcare and high end maritime equipment manufacturing. The Free Trade Agreement will focus on seventeen areas ranging from trade in goods and services, entertainment, healthcare, trade rules, investment, e-commerce and government procurement.
Vice-president for Yantai International Container Terminals Co. Huang Shuren that the container throughput of the company for South Korea had a year on year increase o about ten percent for the first quarter of 2016. Container throughput are of various kinds of products that includes industrial and agricultural products, plus consumer necessities and cosmetics that is expected to maintain their growth for the second half of 2016. Yantai’s development benefited from the Free Trade Agreement that was signed June of last year. located near eastern Shandong and close to South Korea, Yantai is a popular destination for South Koreans giants such as LG Corp., Hyundai Motor Co., and Doosan Heavy Industries and Construction Co.
Contractual investment coming from South Korea has registered a year on year growth of 65 percent reaching $160 million in the first five months of 2016. As Yantai continues to streamline customs clearance procedures and making the market access easier for foreign companies. South Korean signs are seen everywhere in the traffic boards in the city and on official business cards. Big companies like LG Corp. and Doosan are fairing well in Yantai. Meanwhile Weifang, another coastal city that borders Yantai is also seeing their foreign trade with South Korea increase to $1.08 billion and $2.03 billion with Japan last year.