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Conference brings more opportunities among China, Japan and S. Korea
Updated : 2015-11-26
(chinadaily.com.cn)
Representatives of 11 OEAED (the Organization for East Asia Economic Development) member cities from China, Japan and South Korea recently gathered in Yantai, Shandong province for the fifth OEAED conference held from Nov 22 to 24.
The 11 cities included China's Yantai, Tianjin, Qingdao, and Dalian; Kitakyushu, Shimonoseki, Fukuoka and Kumamoto of Japan; and Busan, Inchon, Ulsan of South Korea.
With focus on how to promote sub-regional business cooperation, the conference was a platform for three countries to enhance communication. Taking place in Yantai, the meeting is also expected to boost exchanges between Yantai and Japan, South Korea.
South Korea – Yantai's biggest business partner
In the first 10 months this year, the import and export from Yantai to South Korea reached $9.25 billion, a year-on-year increase of 3.2 percent. And Yantai has invested 30 projects worth $27.5 million in South Korea in 2015.
In addition, the China-South Korea Industrial Park has been established in Yantai, which is expected to promote the industrial upgrading of both sides.
Japan – Yantai's top overseas labor market
Till now, Yantai has sent 28,491 workers to Japan, occupying 31.4 percent of the city's total labors sent abroad.
Besides, Japan is also Yantai's third largest source country of foreign investment. The city received $1.7 billion worth of investment from Japan during the first 10 months this year, and mainly covered the fields of nonmetal mineral products, agricultural product processing, food production, general equipment manufacturing and metal products.
Experts believe that the convenient transportation has facilitated the business cooperation between Yantai and Japan. The Yantai Penglai International Airport launched flights to Osaka and Nagoya, and Yantai Port also has opened sea routes to Osaka, Nagoya, Yokohama and Kobe.
Meanwhile, founded in 2004, the OEAED works to improve economic development in East Asia and promote manufacturing, tourism, environmental protection, logistics and other industry sectors. The OEAED meets every two years and is hosted, by turn, by the 11 member cities.
Edited by Shahnawaz Akhtar