China, Japan and South Korea are geographically close to each other, with frequent personnel exchanges and strong industrial complementarity, and Japanese and Korean enterprises have extensive and in-depth cooperation in Jiangsu. In recent years, Jiangsu has been optimizing support policies, strengthening supporting industries and broadening development channels, to promote industrial cooperation in East Asia in a higher level of wider range.
In the first quarter of 2021, the actual use of Japanese and Korean capital in Jiangsu accounted for more than one-third of the country, and Japanese and Korean companies in Jiangsu kept increasing investment and expanding production momentum. Ryobi in Changzhou is a Japanese-invested company engaged in engine transmission die-casting manufacturing. Since the start of this year, the business customs and other departments have optimized the policy to reduce the tax and fee of import for Ryobi by more than 5 million yuan, and the government also applied for green channel to help Japanese experts to come to China to guide the set up in the first time, which ensured the mass production of new models in June. Jiangsu's high quality business environment makes Ryobi confident about the future, and now the company's capital injection has reached $127 million, which is more than three times of ten years ago.
Jiangsu attaches great importance to the industrial and economic cooperation with Japan and South Korea. Since the outbreak of COVID-19 pandemic, the province has made every effort to solve the difficulties of staff returning to work as well as in logistics. Jiangsu issued 19,774 invitations for key Japanese and Korean economic and trade personnel to enter the country, ranking the first in China. The province also assisted in organizing 49 charter flights to Japan and South Korea, and issued a number of policy documents, including the 23 articles to promote the use of foreign investment, to relieve the difficulties of foreign-invested enterprises. Furthermore, Jiangsu's leading manufacturing industry and complete industrial system have enabled many Japanese and Korean enterprises to find upstream and downstream supporting facilities with high efficiency and low cost to achieve a win-win situation.
As a Korean enterprise focusing on auto parts, Mando Chassis in Suzhou High-tech Zone has been expanding the scope of cooperation with local enterprises in Jiangsu. 15% of Mando’s products are currently supplied to Dongfeng Yueda Kia in Yancheng, and 20 Jiangsu enterprises are the product suppliers of Mando. The sales of Mando’s new production lines are expected to exceed 1.2 billion yuan this year.
Over the years, Japan's Panasonic and Toyota, South Korea's Samsung and SK, along with other well-known international companies in Jiangsu, have been focusing on the layout of automotive, computer and communications equipment manufacturing and other key industrial areas, drove the formation of 7 key industrial chains including high-end equipment, electronic products, new materials and new energy. Jiangsu enterprises and research institutions together with Japanese and Korean partners have also jointly undertaken more than 30 international science and technology innovation cooperation projects at the provincial and ministerial levels, and more Japanese and Korean multinational companies will have regional headquarters and functional institutions located in Jiangsu, seeking more business opportunities.
Jiangsu also keeps exploring new platforms for cooperation with Japan and South Korea. In late October, 2020, the Jiangsu-Korea Entrepreneurs Cooperation and Exchange Conference and the second China-Korea Investment and Trade Fair was successfully held. Following successful examples of national cooperation platforms such as China-Korea (Yancheng) Industrial Park and China-Japan (Suzhou) Local Development Cooperation Demonstration Zone, the first batch of seven China-Japan-Korea Industrial Cooperation Demonstration Parks in Jiangsu were launched in February this year. On May 17, the East Asia Entrepreneurs Forum will be held in Suzhou, and more Japanese and Korean entrepreneurs will gather in Jiangsu in the future to become participants, witnesses and harvesters of the new phase of Jiangsu's advancement.
Zhao Jin, Head of Jiangsu Association of Enterprises with Foreign Investment in the Taihu Forum
Regarding industrial cooperation, there are three focused areas
The first is the biomedical and health industry
The second is the new generation information technology
And also high-end manufacturing
We shall find opportunities for cooperation
promote Jiangsu, Japanese and Korean enterprises
not only in our domestic market
but also to jointly explore
East Asian and even global markets
