The province of Shandong will promote cooperation with South Korea in six areas of emerging technology, said Sun Laibin, deputy director of the Shandong Development and Reform Commission, during the South Korean session of the "Connecting Shandong with the Fortune Global 500" event on Oct 22.

The event was jointly hosted by the CPC Shandong Provincial Committee, the Shandong Provincial People's Government, and the South Korean Ministry of Trade, Industry, and Energy. Its two main venues were in Jinan and Seoul and it is meant to bolster mutual investment and business cooperation.

Sun discussed Shandong's emerging industrial development plan and cooperation potential in front of South Korean entrepreneurs.

Sun Laibin, deputy director of the Shandong Development and Reform Commission, delivers a speech during the South Korean session of the "Connecting Shandong with the Fortune Global 500" event on Oct 22. [Photo/iqilu.com]

Sun said that in recent years, Shandong has been ramping up efforts to fuel economic upgrading and that the province has become the first comprehensive pilot zone in China to replace old economic growth drivers with new ones.

"We look forward to deepening cooperation with South Korea in six emerging industries, namely IT, high-end equipment, high-end chemicals, marine economy, healthcare, and culture and tourism."

Shandong boasts a strong IT industry, with the sector's main business income ranking third in China. The province is also home to a number of well-known high-tech enterprises such as Haier, Inspur, and Hisense.

"Shandong will support bilateral cooperation in integrated circuits, new displays, high-end software, quantum communication, artificial intelligence, and more and encourage mutual investment to take advantage of new opportunities in the digital economy," said Sun.

He also mentioned that the total output value of the equipment manufacturing industry in Shandong accounted for 10 percent of the national total, and Shandong has a number of leading enterprises in the industry, such as Sinotruk and Weichai Power.

"Shandong will encourage enterprises on both sides to cooperate in key technologies and core components such as new energy vehicles, intelligent equipment, and energy efficient and ecofriendly equipment, so as to jointly develop a global equipment manufacturing hub."