BEIJING, June 8, 2025 /PRNewswire/ — As east China’s Shandong Weihai and Incheon of South Korea embrace the 10th anniversary of building the local economic cooperation demonstration zone under the framework of China-South Korea Free Trade Agreement, the two sides have set new model for local cooperation between the two countries.

Over the past decade, Weihai has forged new pathways for cooperation in areas such as mechanism building, trade, cultural exchanges and investment, with both sides engaging in comprehensive cooperation and achieving mutual benefits.

For mechanism building, Weihai has established the China-South Korea Free Trade Area local economic cooperation coordination office and promotion center and issued documents to guide and promote the construction of the demonstration zone.

Weihai and Incheon jointly set up the local economic cooperation joint committee, which has facilitated over a hundred of cooperation consensuses.

For cultural exchanges, the two cities have established representative offices and promotion halls to boost understanding and interactions.

The China Office of the Incheon Tourism Organization was established last October, creating a more efficient platform for Weihai and South Korea in tourism cooperation, products promotion, and resource sharing.

In terms of economic and trade cooperation, Weihai has advanced innovative measures such as the Weihai-Incheon four ports logistics integration and the multimodal transport which have established a “golden channel” that spurred vigorous trade development.

Trade between Weihai and South Korea increased 67.8 percent from 32.09 billion yuan in 2014 to 53.86 billion yuan in 2024, accounting for 26.4 percent of the city’s total imports and exports. In 2024, the Weihai port’s imports and exports with South Korea reached 154.07 billion yuan, ranking third in the country.

Cross-border e-commerce has become a new driving force for Weihai’s foreign trade development thanks to its unique geographical location and logistics advantages. The city’s cross-border e-commerce retail exports to South Korea have ranked first in Shandong Province for seven consecutive years and ranked first in the country in 2024.

In terms of investment, the number of South Korean-funded enterprises in Weihai increased by nearly 200 from 2014 to 2024, while the number of enterprises (or institutions) invested and established by Weihai in South Korea increased from 15 in 2014 to 62 in 2024 with contracted investment amount from the Chinese side doubling to reach 140 million U.S. dollars.

Original link: https://en.imsilkroad.com/p/345989.html 

SOURCE Xinhua Silk Road