Sino-ROK (Yantai) Industrial Park | investinchina.chinadaily.com.cn

Sino-ROK (Yantai) Industrial Park

investinchina.chinadaily.com.cn Updated: 2019-02-20

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Sino-ROK (Yantai) Industrial Park [Photo/ytckip.gov.cn]

Sino-ROK (Yantai) Industrial Park in Shandong province, founded in December 2017 under the approval of the State Council, was launched by the presidents of China and the Republic of Korea (ROK) and was a key part of the Sino-Korea FTA framework built by the two countries.

The industrial park is set to have two core areas and two extended areas, with a total planning area of 80.4 square kilometers.

The western core area, located within the jurisdiction of Yantai Economic and Technological Development Area, covers an area of 37.5 sq km. It will give full play to the advantages of the traditional manufacturing industry and put priority on the development of these emerging industries: high-end equipment manufacturing, new generation information technology, health and medicine, intelligent manufacturing, and energy conservation and environmental protection.

The eastern core area is situated at Yantai Hi-tech Industrial Development Zone, with a planning area of 10.4 sq km. It will focus on developing high and new technology, the digital economy, biological medicine, headquarters economy, and finance and insurance industries.

The western extended area, which is also within the jurisdiction of Yantai Economic and Technological Development Area, is planned to have an area of 22.5 sq km. Depending on the west area of Yantai Port and Yantai Penglai International Airport, the area is committed to developing industries in modern logistics, bonded processing, cross-border e-commerce and fine chemical engineering industries.

The eastern extended area is settled in Qinshui ROK Industrial Park in the Mouping district of Yantai city, with a planning area of 10 sq km. Development in the area will focus on biosciences, energy conservation and environmental protection, new energy, new materials, cultural creativity, tourism, and health and pensions.

It is expected that by 2025, more than 100 ROK-funded projects will have been attracted to the industrial park, with the amount of investment exceeding $1.5 billion. The export-import volume with South Korea will surpass $8 billion.