Sino-South Korean industrial park to be established in Huizhou

The China-South Korean (Huizhou) industrial park project was officially launched at the opening ceremony of the seventh China (Guangdong) - South Korea Development Exchange Conference, which was held in Huizhou on June 7.

The park is going to be one of three industrial parks controlled by a Sino-foreign joint venture and the only one in South China's Guangdong province approved by the State Council.

The official approval of the industrial park will bring forth many opportunities for bilateral cooperation, Li Yiwei, Party secretary of Huizhou, pointed out. Special preferential policies and services will be provided to the highly-anticipated park.

The launching ceremony of the Sino-South Korean industrial park [Photo/huizhou.cn]

Huizhou will promote free trade zone policies in the park, focusing on areas like internet plus, smart manufacturing, and life sciences, in order to vigorously develop two core industries – electric information and petrochemical engineering – and also push forward automobile and equipment manufacturing, clean energy, and modern services.

Efforts will be made to accelerate the construction of the industrial park in Huizhou and take innovative measures to create a stable, fair, transparent and predictable business environment for enterprises, according to an official at the Ministry of Commerce of China.

With a planned area of 94.1 square kilometers (9,410 hectares), the industrial park will serve as an important link between China and South Korea along "the Belt and Road", as well as an economic and trade cooperation platform in the Guangdong-Hong Kong-Macao Greater Bay Area.

Huizhou has enjoyed close trade cooperation with the East Asian country for a long time and is home to 250 South Korean companies investing in the city, such as LG, Hyosung, and SK.

Last year, the total value of trade between Huizhou and South Korea reached nearly 90 billion yuan ($13.98 billion), accounting for 5 percent of the two countries' total trade.

Huizhou is important in promoting industrial cooperation between China and South Korea, said Han Jin Hyun, vice president of the South Korean International Trade Association, who expected the exchange event to bring more opportunities for cooperation between the two countries.