Guangzhou highlights 4.4% YoY growth in bilateral trade with ROK

(Source: Guangzhou Municipal Bureau of Commerce)

The import and export volume between Guangzhou and the Republic of Korea reached 32.2 billion yuan from January to October this year, up 4.4% year on year, with imports amounting to 22.46 billion yuan, a 10.7% increase compared to the same period last year, according to the latest statistics released at the 2024 Guangzhou-ROK Economic and Trade Cooperation Roundtable Dialogue on December 10.

By October 2024, over 1,800 Korean enterprises had established operations in Guangzhou, with actual foreign investment reaching 3.825 billion USD.

The event attracted 50 senior representatives from ROK-invested enterprises in Guangzhou, including Hyundai Motor's first overseas fuel cell system facility, HTWO Guangzhou.

According to Wu Bingxiang, Deputy Director of the Guangzhou Municipal Bureau of Commerce, ROK is an important trading partner of Guangzhou, and the city highly values cooperation with ROK. Wu welcomes ROK-invested enterprises to share development opportunities with Guangzhou, increase technological upgrades, expand production, and explore new business layouts. Guangzhou will continue to provide comprehensive support and high-quality services to all ROK-invested enterprises.

Kang Sangwook, Consul General of the Republic of Korea in Guangzhou, expressed his appreciation for Guangzhou's support, which has contributed to the thriving development of ROK-invested enterprises in various fields. He noted that the roundtable dialogue has been held for five consecutive years, laying a solid foundation for future cooperation.

To better serve foreign-invested enterprises in Guangzhou, the city has continuously optimized the foreign investment environment and improved service efficiency in recent years. A "whitelist" service mechanism for key foreign-invested enterprises has been established and jointly implemented by relevant government departments and district governments. This mechanism considers various factors such as foreign investment, foreign trade, new productive forces, and economic contributions to determine "whitelist" enterprises and provide them with services such as easy access, resource sharing, and compliance support.