Economic and trade cooperation between Shandong and South Korea:

In 2020, Shandong's imports and exports to South Korea were 207.88 billion yuan, a year-on-year increase of 6.6 percent, accounting for 9.4 percent of the province's total. 

From January to October 2021, Shandong's imports and exports to South Korea amounted to 219.9 billion yuan, an increase of 32.6 percent, accounting for 9.2 percent of the province's total. 

Among them, the main export products in Shandong were clothing and clothing accessories, electrical and electronic products, mechanical equipment, metal products, textile yarns, and fabric products. While the main imported products from South Korea were electrical and electronic products, mechanical equipment, and primary forms of plastics, refined oil, and steels.

In 2020, 621 Korean companies have invested in Shandong province, an increase of 5.4 percent year-on-year. The actual use of foreign capital in Shandong reached $880 million, an increase of 136.4 percent, accounting for 5 percent of the province's total. 

From January to October 2021, 549 Korean enterprises invested in Shandong province, an increase of 19.9 percent year-on-year. The actual use of foreign capital was $510 million, an increase of 23.1 percent, accounting for 2.8 percent of the province's total. 

A group of Fortune 500 companies and industry giants such as Hyundai Motor, SK, LG, CJ, and GS Caltex have reached cooperation with Shandong in sectors covering high-end manufacturing, new-generation information technology, new energy, and high-end chemical industry. 

In 2020, 12 investment companies and institutions approved by Shandong registered in South Korea, with Chinese investment reaching $110 million, a year-on-year increase of 30.7 percent, accounting for 1.75 percent of the province's total. 

From January to October 2021, 11 investment enterprises and institutions from Shandong had registered in South Korea, with domestic investment hitting $13.69 million. 

Shandong's investment projects in South Korea mainly include Kumho Tyre Corporation invested and established by Qingdao Xingwei International Investment Company, Belden Xinyuan Company invested and established by Qingdao Belden Urban Construction Group, as well as AVISTA Corporation invested and established by Weihai Textile Group Import and Export Company.