‘China Valley’ industrial park to be created in Saemangeum by 2020; The park will be used mainly to produce fresh and processed foods, such as fresh and powdered milk, for exports to China

December 31, 2013 Leave a comment

‘China Valley’ to be created in Saemangeum

Jung Seok-woo

2013.12.31 12:22:19

South Korea and China have agreed to cooperate in building an industrial park in Saemangeum, tentatively named “Saemangeum China Valley” by 2020, Seoul officials said Monday. The creation of the industrial park, 25.8 square kilometers or about three times Yeoido in Seoul, will be financed by investments from Chinese and South Korean companies, as well as the South Korean government. The park will be used mainly to produce fresh and processed foods, such as fresh and powdered milk, for exports to China. 

The agreement came during talks between Finance Minister Hyun Oh-seok and his Chinese counterpart Xu Shaoshi, the head of the National Development and Reform Commission (NDRC), at the 12th Korea-Chinese economic cooperation meeting held at Hotel Shilla in Seoul.
The South Korean government hopes that the creation of the ‘China Valley’ will pave the way for the country to attract Chinese investment in establishing an urban complex integrating industry, R&D, education, and residence in what accounts for about 9% of Saemangeum, a reclaimed land off the nation’s west coast.
The government also hopes the valley will help kickstart exports of fresh farm products and processed agricultural products to China in earnest as Chinese companies will directly administer in-China sales.
Government officials envision a Chinese company or a consortium of Korean and Chinese companies to invest in the area’s development from reclamation to development to land sale. Once the park opens around 2020, it is hoped to attract high-tech processing facilities for fresh foods like milk and such processed products as powdered milk and citron tea.
At the meeting, Minister Oh requested participants for continued efforts to strengthen economic cooperation between the two countries.

Filed under Macro Trends

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a comment