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Yiwu welcomes South Korean businessmen

chinadaily.com.cn| Updated: August 29, 2022 L M S


A group of South Korean businessmen arrive in East China's Zhejiang province on Aug 28. [Photo/zjol.com.cn]

A business flight chartered by the local government brought 163 South Korean buyers to East China's Zhejiang province on Aug 28.

It was the third chartered flight bringing international buyers to China following ones from Pakistan and India. With the local government of Yiwu working efficiently to control the recent outbreak of COVID-19, they will do business in Yiwu after follwoing epidemic prevention and control procedures.

Work related to the chartered flight was supported by the South Korean Chamber of Commerce in Yiwu, marking the 30th anniversary of China-South Korea diplomatic ties.

China has been South Korea's largest trading partner for 18 consecutive years. In recent years, Yiwu, China's largest distribution center for small commodities, has established close trade relations with South Korea.

In 2021, foreign trade between Yiwu and South Korea totaled 6.59 billion yuan ($953.18 million), a year-on-year increase of 18.24 percent, six times the amount five years ago.

Since the Regional Comprehensive Economic Partnership free trade agreement took effect on Jan 1, imports and exports between Yiwu and South Korea have increased 120 percent year-on-year from Jan to July, amounting to 6.96 billion yuan. Exports from Yiwu to South Korea surged 91.93 percent year-on-year to 5.36 billion yuan.

According to the South Korean Chamber of Commerce in Yiwu, South Korean merchants first entered the Yiwu Small Commodity Market in 1994. At present, more than 10,000 South Korean businessmen permanently live and work in Yiwu. Small commodities exported from Yiwu account for about 70 percent of the small commodities market in South Korea. It takes at least two days for Yiwu-made products to arrive in South Korea.