A promotional conference on increasing opening-up and strengthening cooperation between Shandong and South Korea is held in Seoul on Dec 3. [Photo/people.com.cn]

A promotional conference on increasing opening-up and strengthening cooperation between China's Shandong province and South Korea was held in Seoul on Dec 3 during a visit by the Shandong government.

Shandong and South Korea enjoy close relations and have seen remarkable achievements in economic and trade cooperation. South Korea is Shandong's second-largest source of foreign investment and second-largest trading partner.

In 2018, Shandong's imports and exports to South Korea were valued at $29.33 billion. There are over 60,000 Koreans living in Shandong province and about 3,000 South Korean companies operating there.

Liu Jiayi, Party chief of Shandong, delivered a keynote speech at the conference.

In order to further deepen cooperation with South Korea, Shandong has implemented a series of policies directed at South Korean investors and companies, said Liu.

Liu Jiayi, Party chief of Shandong, delivers a keynote speech at the conference. [Photo/people.com.cn]

He said that Shandong will develop a platform for high-level cooperation, continue to open up more areas of its economy for investment, accelerate the opening up of the financial sector, encourage scientific and technological innovation and entrepreneurship, enhance trade and shipping connectivity, increase tax and investment incentives, and create a sound business environment for foreign investors.

Liu encouraged more Korean investors and tourists to visit Shandong, and said that cooperation between the two sides could be improved through efforts from all parties.

Qiu Guohong, Chinese ambassador to South Korea, said that both China and South Korea are currently in an important phase of national development, and much can be done to strengthen cooperation and accelerate development. He said that cooperation at the local level is an important part of China-South Korea economic and social cooperation.

Shandong is an important vehicle for foreign cooperation in China. The local economies of Shandong and South Korea are well-suited to each other. They have great potential for development and strong cooperation potential, said Qiu.

He went on to say that cooperation between Shandong and South Korea will bear more fruits with joint efforts of both sides.

Chang-soo Huh, president of GS Group and chairman of the Federation of Korean Industries, a major business lobby, said that Korean and Shandong entrepreneurs have agreed that developing free trade will lead to more economic growth, and they are currently promoting bilateral economic and trade cooperation in many different areas, from manufacturing to consumption and services.

He expressed hope that the conference would create a more attractive policy environment for Korean enterprises and give Koreans a better understanding of the limitless opportunities brought about by Shandong's development.

Dialogues on the China (Shandong) Pilot Free Trade Zone, the China-South Korea free trade agreement, and innovative policies were also held during the event.

A series of cooperation agreements are signed during the conference. [Photo/people.com.cn]