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South Korea's GBSA Launches Its First China Innovation Center in Chongqing

By Dai Yuan |May 09,2024

Chongqing - Chongqing's Liangjiang New Area has recently entered into a strategic partnership with South Korea's Gyeonggi Business & Science Accelerator (GBSA), resulting in the launch of the GBSA China Innovation Center. This marks the first such center GBSA has established in China.

Chongqing's Liangjiang New Area signed a strategic agreement with South Korea's GBSA. (Photo/Ran Yulin)

Under the agreement, both parties will promote cooperation through various initiatives, including joint participation in expos and exhibitions, reciprocal company visits to stimulate industrial cooperation, science and technology talent exchanges, innovation competitions, and enhanced collaboration in international trade and logistics.

Kang Sungcheon, President of GBSA, underscored the significance of this collaboration, expressing optimism that the establishment of the innovation center would serve as a catalyst for intensified exchanges between Gyeonggi and Chongqing. 

He outlined a vision for enhanced cooperation in industrial development, technological innovation, economic and trade exchanges, park visits, and corporate exchanges, all of which aim to achieve mutual benefits.

Qin Shubin, deputy director of the Liangjiang New Area Administrative Committee, emphasized the pivotal role of Liangjiang New Area as a vital engine for Chongqing's economic development and a primary arena for international cooperation. 

Qin affirmed the area's commitment to expanding collaboration with Gyeonggi in sectors like economic and trade, industry, science and innovation, and logistics while actively supporting emerging industries to foster new growth opportunities.

The GBSA China Innovation Center is unveiled in Liangjiang New Area. (Photo/Ran Yulin)

As South Korea's most populous province, Gyeonggi Province boasts GBSA as a key agency dedicated to propelling future industries, including scientific and technological research and development, biotechnology, semiconductors, and advanced mobility. 

GBSA plays a crucial role as a bridge fostering cooperation and exchanges between China and South Korea, annually hosting events like large-scale exhibitions, trade negotiations, brand launches, and urban economic development summits. This highlights its key function in facilitating interactions between local governments in both countries.

Liangjiang New Area, the first national-level development area in inland China, is Chongqing's major platform and growth driver. It occupies 1.5% of Chongqing's land but contributes about 15% of its GDP, 20% of its industrial output, and 30% of its exports. Additionally, it hosts half of the Fortune Global 500 companies in Chongqing.

In recent years, the new area has become a hub for South Korean investment, attracting 90 companies, including major players like Hankook, with total investments of 1.96 billion U.S. dollars.


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