The 7th joint meeting of Sino-ROK Investment Cooperation Committee was held in Beijing on May 31. Chinese Minister of Commerce Chen Deming and Minister of Knowledge Economy of the Republic of Korea Choi Joong-kyung attended and addressed the meeting. More than 40 governmental and business representatives from both countries attended the meeting.

Chen Deming said at the meeting that China insists on a positive policy to attract foreign investment and welcomes more enterprises to expand investment in key areas; China will give foreign investors national treatment and continue to provide support and convenience.

Chen said since the reforming and opening up, the Chinese government has been insisting on positive and effective policies to attract foreign capital,including perfecting foreign investment regulations and laws; granting national treatment to foreign-invested enterprises; fully protecting the legal rights of foreign-invested enterprises and striving to create a sound investment environment. The Chinese government attach great importance on IPR protection and has established an IPR legal system not only in compliance with international rules but also in line with China's development.

Chen added that since its establishment ten years ago, China-ROK Investment Cooperation Committee has done a lot of pragmatic and effective work in expanding two-way investment and improving enterprise services. The Committee once launched major cooperation projects such as China-ROK industry park (Chongqing) and ROK-China industry park (Jeonnam Province). It focused on the cooperation and communication in such areas as green industry, energy saving and environmental protection, high-tech industryand modern services. All efforts are targeted to improve investment environment and promote investment facilitation.

Chen expressed that China will continue to provide support and convenience to attract more foreign enterprises to expand their investment in key areas; and will guide and support more competent Chinese enterprises to invest in Korea so as to seek common development with Korean enterprises. He expressed hope that the Korean side could provide necessary assistance for Chinese enterprises to invest in ROK.

Choi Joong-kyung expressed that since China and Korea established diplomatic relations in 1992, both countries have made rapid progress in the exchanges and cooperation in such areas as trade, investment and industry. China has become the largest trading partner of Korea. The trade volume  between the two countries reached 188.4 billion US dollars in 2010. China is ROK’s largest investment destination. More than 20,000 Korea enterprises have entered Chinese market.

Choi Joong-kyung proposed three suggestions to promote the bilateral trade and economic cooperation, namely, Korea and China should continuously strengthen their cooperation for sustainable development on the basis of mutual trust; both countries should attach more importance on the quality trade and investment for mutual balanced development; and both countries should extend complementary cooperation in such emerging areas as most advanced industry and green industry so as to ensure a new growing engine.

Before the meeting, Chen Deming met with Choi Joong-kyung and Korean delegates and signed with them a Memorandum of Understanding to Enhance Strategic Cooperation between the Ministry of Commerce of the People's Republic of China and the Ministry of Knowledge Economy of the Republic of Korea.

(Source:IPR in China)