See More on Facebook

Economics

Korea attracts $500m from Chinese investors in chips, bio, cars

Twelve Chinese companies have pledged more than 500 million US Dollars to South Korea in high tech industries.


Written by

Updated: June 6, 2018

Korea has attracted around $500 million of investment from Chinese investors in the areas of next-generation technologies, including chips, bio, automobiles and robots, through a ministerial roundtable, according to the Ministry of Trade, Industry and Energy on Tuesday.

The ministerial roundtable was held in Beijing on Tuesday, inviting 12 Chinese investors, including chip firm JCET, bio companies Evercare and Fujian Ruico, automakers BAIC and Siasun Robot and content providers Spearhead and IIE Star.

The investment was made in various forms such as sole investment, joint corporation with Korean companies and investment in shares. Some of the Chinese companies made the decisions to work with Korea with the aim of advancing into the US, the European Union and ASEAN by utilizing Korea’s multiple free trade deals, according to the government.

The roundtable attended by Industry Minister Paik Un-gyu resumed as a follow-up measure after the Korea-China summit in December last year during which the two sides agreed to promote economic exchanges.

Since the summit, investments from China surged to reach $1 billion in the first quarter of this year after falling 60 percent on-year to $810 million last year due mainly to Beijing’s retaliation against Korea’s deployment of a US missile defense system.

Paik said at the roundtable this is a golden time for Korea and China to expand investment and cooperation toward the future-oriented relationship as “tensions are relaxed and cooperative atmosphere is created in Northeast Asia with the inter-Korean summit in April as a momentum.”

“Cooperation is needed in the areas of new industries in terms of global standards, joint researches and manpower exchanges,” he added.

The ministry plans to support matching Korean companies with technological prowess and Chinese companies hoping to set up join corporation or exchange technologies.

Foreign direct investment in Korea reached $22 billion last year, a 7.7 percent rise on-year. In March, Korea set a goal of attracting more than $20 billion of foreign direct investment this year to top $20 billion for four straight years.



Enjoyed this story? Share it.


The Korea Herald
About the Author: The Korea Herald is the nation’s largest English-language daily and the country’s sole member of the Asia News Network.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Economics

Pakistan seals financial assistance from UAE

$3 billion financial assistance sealed as Abu Dhabi Crown Prince meets Imran Khan in Islamabad. Pakistani and United Arab Emirates leadership have met thrice now in three months. Prime Minister Imran Khan visited the UAE twice after assuming office in August to seek economic assistance. Both countries last week finalised the terms and conditions of a $6.2 billion support package for Islamabad to help address its balance-of-payments crisis. A joint statement issued after the UAE royal’s visit said Prime Minister Khan thanked the crown prince for the “generous” balance-of-payments support of $3 billion, which appears to have materialised first out of the total financial package. Crown Prince Sheikh Mohammed bin Zayed, who last visited


By Dawn
January 7, 2019

Economics

AIIB approves applications of six more countries

The total of countries with a membership in the China-led bank now stands at 93. The Asian Infrastructure Investment Bank (AIIB) announced on Wednesday that its Board of Governors has approved the membership applications of six more countries, bringing AIIB’s total approved members to 93. The new group of approved members is comprised of Algeria, Ghana, Libya, Morocco, Serbia and Togo. “Within three years, AIIB’s membership has increased from the 57 founders to 93 approved members from almost every continent. This shows our member’s commitment to multilateral cooperation and strengthens AIIB’s role in the international financial community,” said AIIB Vice President and Corporate Secretary Sir Danny Alexander. “The growing membership of the Bank in Europe and Africa also reflects the importance for growth and development of inter-regional connectivity, esp


By China Daily
December 21, 2018

Economics

Malaysia files criminal charges against Goldman Sachs

Two ex-bankers have also been charged in connection to the 1mdb scandal. Malaysia said on Monday it has filed criminal charges at home against Goldman Sachs and two of the U.S. bank’s former employees in connection with a corruption and money laundering probe at state fund 1MDB. Goldman Sachs has been under scrutiny for its role in helping raise $6.5 billion through three bond offerings for 1Malaysia Development Bhd (1MDB), which is the subject of investigations in at least six countries. Malaysia’s Attorney General Tommy Thomas said criminal charges under the country’s securities laws were filed on Monday against Goldman Sachs, its former bankers Tim Leissner and Roger Ng, former 1MDB employee Jasmine Loo and financier Jho Low in connection with the bond offerings. “The charges arise from the commission and abatement of false or misleading statements by all the accused in order to dishon


By The Star
December 17, 2018

Economics

Indonesia plans to make 30 percent bio-diesel blend mandatory

Studies are ongoing on the correct type of petrol. While the government expanded the mandatory use of a 20 percent biodiesel blend ( B20 ) in September, it plans to further boost domestic biodiesel consumption to absorb more crude palm oil (CPO) amid fluctuation in the global market price of the commodity. Apart from improving the distribution of the B20 blend across to the country, the government is also carrying out research to increase the portion of biodiesel in the fuels rom 20 percent to 30 percent ( B30 ) or even to 100 percent ( B100 ). The Energy and Mineral Resources Ministry’s oil and gas director general, Djoko Siswanto, was quoted by kontan.co.id on Monday as saying that B100 fuel was being tested by the ministry. State-owned oil and gas holding


By The Jakarta Post
December 16, 2018

Economics

Chinese court grants Qualcomm an injunction against Apple

The injunction bans the sale of several models of IPhones in China. Qualcomm Inc on Monday said it had won a preliminary order from a Chinese court banning the importation and sale of several Apple Inc iPhone models in China that the court found violated two of Qualcomm’s patents. The preliminary order affects the iPhone 6S through the iPhone X. The ruling is from the Fuzhou Intermediate People’s Court in China, the same court that earlier this year banned the import of some memory chips by Micron Technology Inc into China. Qualcomm initially filed the case in China in late 2017. Apple is already disputing the scope of the ban, saying it only applies to iPhones that run on an older operating system. “Qualcomm’s effort to ban our products is another desperate move by a company whose illegal practices are under investigation by regulators around the world,” Apple said in a sta


By China Daily
December 12, 2018

Economics

China-US trade dispute enters second half

Despite a temporary truce in the trade war, much work still needs to be done. China and the United States reached a consensus to suspend tariff hikes and restart trade talks at the meeting between President Xi Jinping and his US counterpart Donald Trump in Argentina on Dec 1. Yet the Canadian police detained Meng Wanzhou, Huawei’s global chief financial officer, and could deport her to the United States where she could face charges for evading US curbs on trade with Iran. These contrasting signals show the complexity of China-US trade conflict, and since the conflict has reached a critical stage, four major changes can be expected. From a blitz to protracted standoff First, the trade conflict between the two largest economies has shifted from being a blitz to a stalemate. The first half of the game, which has stretched from March to November, can be seen as a fight for time


By China Daily
December 11, 2018