South Korea Becomes Wuxi's Second Largest Source of Foreign Investment
Release time:2020-10-16 Browse:

In September, the LG Chem New Energy Materials (Wuxi) Co., Ltd. Project with a total investment of 1 billion US dollars was completed. Now it has begun mass production with a planned production capacity of 5,000 tons. The project is aimed to build the world's largest new energy vehicle power battery anode material production base. Its first phase can produce power batteries for 600,000 high-performance new energy vehicles with a charging mileage of 320 kilometers. Previously, WONIK QnC Company of Korea, a global leader in semiconductor and display quartz materials, also settled in Wuxi a project with the largest investment in China through signing online.


COVID-19 has led to restrictions in international exchanges, increased uncertainty and changed the global economic environment. However, during the pandemic period, South Korean investment was still actively entering Wuxi without stop. It was learned from the Wuxi Municipal Bureau of Commerce that from January to August in 2020, Wuxi actually used foreign capital of 1.956 billion US dollars, of which 280 million US dollars was from South Korea, accounting for 14.36% in the whole city and ranking second among the funding sources.


Up to now, South Korea has invested 634 projects in Wuxi, with a total investment of nearly 30 billion US dollars. According to statistics, there are nearly 20,000 employees in Korean-funded enterprises, achieving operation revenue of more than 70 billion yuan and tax payment of more than 2.5 billion yuan. They have made important contributions to Wuxi’s social and economic development.


Wuxi has included key Korean-funded enterprises into the “white list” of outstanding enterprises and provided support measures such as talent–oriented policies. Wuxi has launched the Korean version of the investment service cloud platform to promote enterprise-university-research institute cooperation between Wuxi and South Korea. Government commissioners have provided guidance on tax reduction policies for enterprises. In addition to above-mentioned measures, Wuxi introduced South Korean schools, Korean-funded banks and other auxiliary resources, and built social amenities such as the East Asian style street and the international community to provide high-quality living environment for South Koreans living in Wuxi.


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