A large number of South Korean companies took part in the South Korea special of the "Connecting Shandong with Fortune Global 500", which was held both online and offline on Oct 22.

Shandong's proximity to South Korea and favorable business environment have been attracting many Korean enterprises to the region in search of development opportunities.

The South Korea special of the "Connecting Shandong with the Fortune Global 500" event is held on Oct 22 via both online and offline channels. [Photo/iqilu.com]

During the event, agreements for 23 projects receiving $820 million in total investment and $397 million in contractual foreign investment were signed via online channels. The projects involve new materials, equipment manufacturing, new generation information technology, medical care, food processing, and more.

One of the projects is a lithium anode materials project funded by Posco Chemical Co with $80 million in contracted foreign capital. The project will be carried out in Nanhai New District in Weihai.

"We are very optimistic about the Chinese market and will gradually increase investment in Shandong in the future," said a senior manager at Posco Chemical Co.

An online trade and economic fair was also held, with 105 Shandong-based companies and 100 South Korean companies negotiating cooperation.

According to the Shandong Provincial Department of Commerce, South Korea is Shandong's third largest trading partner.

In 2019, imports and exports between Shandong and South Korea were valued at $28.32 billion, and in the first eight months of this year, trade between the two was valued at $18.11 billion.