By Hong Soon-do, Beijing correspondent, AsiaToday - Yantai of Shandong province is one of the biggest industrial cities in China, and is looking to lure more Korean companies. The Chinese branch of the Korean Center for Creative Economy and Innovation established by the Korean government is set to open in August in Zhifu District, the hub of the city. Ahead of its launch, the center came forward to attract Korean startups with special benefits. As a result, Yantai is expected to be a new investment market in China for Korean companies.

Fang Chao Feng, Director of Investment Promotion Bureau of Yantai City, explains about the Chinese branch of the Korean Center for Creative Economy and Innovation. He promised a massive support for S. Korean startups to find business opportunities in Yantai./ Photographed by Hong Soon-do

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According to Yantai City's Investment Promotion Bureau Director Fang Chao Feng, the Chinese branch of the Korean Center for Creative Economy and Innovation is a part of the project of building three Korea-China industrial complexes in China agreed between Korea and China when the Korea-China FTA went into effect. Since the center is backed by both governments, the chosen companies will be given a special deal. First of all, the center will be offering six months of free office space. That means, you don't have to worry about the rent.  

There are many other benefits, including financial support and tax benefits. Director Fang said, "We are currently remodeling a hotel owned by Zhifu District into the Chinese branch of the Korean Center for Creative Economy and Innovation. It is scheduled to open in early August. Once the companies enter the center of 30,000 square meters, we will give them full support."

Inside the Chinese branch of the Korean Center for Creative Economy and Innovation located in Zhifu District, Yantai./ Photographed by Hong Soon-do

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Song Yijun, Deputy Director of Investment Promotion Bureau of Yantai City, said, "There are nearly 10 business incubators in Yantai, but this is the first time that the city is opening a special center for Korean startups." He said, "We plan to establish a system to facilitate startups to find vendors and investors in China."
 

Korean startups who are going to move to the Chinese branch located in Zhifu District attend a briefing session./ Photographed by Hong Soon-do

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In order to do so, Zhifu District signed a memorandum of understanding (MOU) with Gyeonggi-do and Ulsan Creative Economy & Innovation Center for cooperation. It is also discussing with other centers in Korea. It seems the day when a Korean startup makes a success story will come soon.