KITA News and Reports
  • Pay Attention to ‘Great Bay Area’, Next Generation High-tech Industrial Zone
    2018-05-30

    Pay Attention to ‘Great Bay Area’, Next Generation High-tech Industrial Zone

     

    - KITA held a promotion seminar for Korean companies’ entry into Great Bay Area that links Hong Kong, Macao and Guangdong Province -

     

    The Korea International Trade Association (Chairman, Kim Young-joo) held a 'Promotion Seminar for Korean Companies’ Entry into Great Bay Area' jointly with Consulate General of South Korea in Hong Kong at COEX Intercontinental Hotel on May 30.

     

    Great Bay Area refers to the area that connects nine areas including Hong Kong, Macao and Guangdong Province. When the Hong Kong ? Macau ? Zhuhai Bridge and the Hong Kong ? Shenzhen- Guangzhou express rail link are opened this year, there will be a giant market with 68 million consumers.

     

    Consul General of the Republic of Korea in Hong Kong Weon-jin Kim said in his speech, The Hong Kong government is providing active supports such as the construction of a large-scale innovation science and technology park that links Hong Kong and Shenzhen in order to make the Great Bay Area an innovation complex comparable to the US Silicon Valley. He also advised Korean companies to actively make inroads into the Great Bay Area taking advantage of Hong Kong’s advanced logistics and financial system.

     

     Professor Li Chen of the Chinese University of Hong Kong delivered a presentation and introduced, The Hong Kong government and Guangdong provincial government are pursuing various policies to transform the Great Bay Area into a high-tech industrial area with the aim of establishing an international science and technology innovation zone.

     

    A researcher Kim Hong-won at the Korea Institute for International Economic Policy stressed, The recent policy keywords of Guangdong Province are: China manufacturing 2025 Internet convergence Pilot Free trade zone Great Bay Area. Korea should no longer view China as a 'factory' but a 'market' and need to work on new strategies to enter into Guangdong Province. An accountant at the Uni-World Services delivered a presentation on the eight ways to invest in China via Hong Kong and the real cases and shared practical tips for the business people who attended the seminar.

     

    Lee Sang-il, the head of China Center of the Korea International Trade Association, emphasized, The Great Bay Area region includes not only Hong Kong and Macao but also Shenzhen, which is emerging as a Chinese version of Silicon Valley, Huizhou, which is currently building a heavy industrial complex, and Dongguan, where IT industry is developed. Therefore, it will be a great opportunity for Korean companies with superior technologies related to the fourth industrial revolution to make inroads into China.

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