The Gyeonggi Gaeseong Industrial Complex Business Cooperative Association is accelerating an entrance to the Chinese market. It announced on Aug. 17 that four of its delegates visited China from Aug. 14 to 16 and attended a meeting held in China’s Weihai City by the Chinese Entrepreneur Federation.
Based on Weihai City, which is designated as trial city of Korea-China FTA, they discussed building the platform to export products produced in Gaeseong Industrial Complex to China. The platform is scheduled to start being built within this year.
With the Korea-China FTA, products manufactured in Gaeseong Industrial Complex can get customs benefits, since they are considered Korean-made products.
Gyeonggi Gaeseong Industrial Complex Business Cooperative Association Chairman Lee Hee-kun said, “Gaeseong Industrial Complex is recognized as an offshore manufacturing region. Since products from Gaeseong Industrial Complex are now considered Korea-made, companies of Gaeseong Industrial Complex will gain momentum to tap into the Chinese market.”
Lee added, “Based on participating firms in the joint brand Sisbro at Gaeseong Industrial Complex, the foundation stone was laid to internationalize Hallyu products including clothing, shoes and accessories.” Hallyu is a Korean word that refers to the Korean Wave, the phenomenon of Korean pop culture being popular outside of Korea.