A growing number of investors from the Republic of Korea (ROK) are turning to western China in the search for new business opportunities, said Kim Ha Joong, ROK Ambassador to China.

 

Kim made the remarks while addressing the opening of the China (Shaanxi)-ROK Friendly Week that opened in Xi'an, capital of northwest China's Shaanxi Province, on Monday.

 

"West China is an important agricultural base where resources abound,” said Kim. "The cultural and tourist resources are unique, science and technology are strong, and there is a fine industrial foundation, so the potential for development is huge."

 

An ROK consular office will be opened early next year in Xi'an, the provincial capital, to give support to ROK business people in their mission to expand business to west China, according to Kim.

 

There are now 40,000 ROK-funded ventures across China, most of which are concentrated in coastal areas in southeast China. More than 500,000 ROK nationals are long-term residents in China.

 

Some 670 flights link 40 Chinese and ROK cities each week. Bilateral trade between China and the ROK stood at 110 billion U.S. dollars last year.

 

China (Shaanxi)-ROK Friendly Week was attended by delegates from 38 ROK companies and representatives of 150 local Shaanxi enterprises.

 

(Xinhua News Agency November 21, 2006)