ROK investment increasing to east China coastal city

Weihai, a coastal city in east China's Shandong Province, is now home to 3,071 businesses built with investment from the Republic of Korea (ROK), accounting for 60 percent of the city's total overseas-funded enterprises.

The inflow of ROK investment was 3.19 billion US dollars by late May, accounting for 62 percent of the city's total, according to Wang Baohua, head of the foreign trade and economic cooperation bureau of Weihai.

Weihai, the nearest Chinese city to the ROK, is connected to Seoul by ROK daily flights and to Inchon by two-way passenger and freight shipping services.

With transport convenience, most ROK businessmen consider Weihai as their best destination of investment.

In the first five months of the year, ROK investors set up 297 ventures in Weihai, and their combined investment totaled 380 million US dollars in the same period, accounting for 73.1 percent of the city's total overseas investment, Wang said.

Businesses backed by ROK investors are concentrated in such fields as electronics, machinery, garments and light industries. Most of products made by these ventures are sold overseas.

Source: Xinhua