Long An Province Enhances Economic Collaboration with South Korea
In an ambitious move to strengthen international economic relations, Long An, a flourishing province in the Mekong Delta region, has recently taken significant steps to forge deeper connections with South Korea. The initiative comes following a productive visit to the Northeast Asian nation by Long An officials, led by Nguyen Van Ut, the Vice Chairman of the People’s Committee of Long An Province.
The visit, which took place from April 22 to April 26, was a crucial step in Long An’s strategic efforts to attract foreign investment and build strong socioeconomic partnerships. During the visit, the delegation engaged in fruitful discussions with South Korean businesses and government bodies, setting a positive tone for future engagements and opportunities for collaboration.
A particularly noteworthy meeting was with the Governor of Jeju Province. The talks explored the multifaceted potential for socio-economic and cultural cooperation, laying the groundwork for a partnership that could benefit both regions. Additionally, the delegation engaged with several key organizations and business groups, including the Jeju Free International City Development Centre and prominent corporate entities such as Yooshin and Zenith groups.
Highlighting this international outreach, a pivotal investment promotion conference was held in Seoul, attracting the attention of over 100 Korean businesses and groups. This event served as a platform for Long An to showcase its economic potential and developmental ambitions, specifically highlighting the opportunities within its well-established industrial parks.
The focus of the province to attract Korean investment centers on high-tech sectors such as innovation, green energy, and logistics—areas where South Korea holds significant expertise and global competitive advantage. Long An, with its strategic positioning and commitment to modernization, is keen on driving investment towards sectors that are aligned with the Fourth Industrial Revolution, including electronics, software development, AI, smart eco-city projects, and sustainable agriculture.
Long An’s strategy has already begun to bear fruit, cementing its status as a key investment destination for South Korean enterprises. Currently, South Korea stands as the third-largest foreign investor in Long An, boasting a substantial portfolio of over 208 projects valued at more than US$975 million. This trend of investment continued strongly into the first quarter of 2024, during which Long An successfully attracted six new projects from South Korea, emphasizing the mutual confidence and commitment between Long An and its Korean partners.
The drive towards fostering deeper economic ties with South Korea is more than just a strategic maneuver for Long An. It’s an acknowledgment of the immense potential that collaborative growth and development can bring to both parties. By leveraging South Korea’s technological prowess and investment capacity, Long An sets itself on a path towards accelerated economic development, innovation, and sustainability.
This initiative marks a significant chapter in Long An’s international economic relations, promising to usher in an era of enhanced cooperation, cultural exchange, and mutual prosperity between Long An and the Republic of Korea. As these ties deepen and evolve, both regions stand to unlock unprecedented growth and development opportunities, setting a shining example of international collaboration and economic progress.
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