China and South Korea, two of Asia's leading economies, have further strengthened their close ties through a gathering of politicians, entrepreneurs and economists from both countries in Chengdu, Sichuan province.

Themed "One Asia, One Dream", the 2015 World Knowledge Forum and the Entrepreneurs Summit of China and South Korea began in Chengdu, capital of Sichuan province, on Wednesday. The event lasted until Thursday.

China's National Business Daily and South Korea's Maeil Business Newspaper hosted the forum, which is also known as Asia's Davos Forum.

The event, aimed to expand cooperation between Sichuan and South Korea, was part of agreements reached by Sichuan Governor Wei Hong and South Korean authorities when he visited the neighboring country in November.

More than 500 Chinese and South Korean politicians, entrepreneurs and economists, including South Korea's Trade Minister Yoon Sang-jick, attended the event.

The forum was held in the context of deepening China-South Korea relations. The two countries are expected to sign a bilateral free trade agreement in the first half of this year, which experts say would usher in a new era of mutual trade and economic development.

China and South Korea are neighbors separated only by a strip of water, and have had cultural exchanges through the ages. Against the backdrop of the global economic downturn, Asia has become one of the most dynamic and promising regions and currently contributes more than 50 percent to global economic growth.

China and South Korea initialed the bilateral free trade agreement in February. Negotiations on the China-South Korea FTA were concluded last November, after both sides started FTA talks in May 2012. Established in October 2000, the forum aims to highlight the importance of sharing knowledge in promoting balanced prosperity of the global economy.

South Korean President Park Geun-hye, former French President Nicolas Sarkozy and World Bank President Jim Yong Kim attended previous sessions of the forum and delivered keynote speeches.

Park Jai-hyeon, managing director of the Maeil Business Newspaper, said the forum's theme conforms to the Silk Road Economic Belt and 21st Century Maritime Silk Road initiatives proposed by China. Many South Korean enterprises are interested in China's western development strategy and plan to invest in the country's western regions, he said.

The forum will promote exchanges between Chinese and South Korean entrepreneurs, encourage enterprises from both sides to invest in Chengdu and Sichuan and help them better understand the investment environment and related policies in western China, said Chen Haiquan, chairman of National Business Daily.

South Korean enterprises attending this year's event are from a range of industries, including manufacturing, general merchandise, finance, entertainment, telecommunications, e-commerce and logistics. Most of the enterprises rank high on the list of Global Fortune 500 companies.

Representatives from the seven largest enterprises of the country, including Samsung, Hyundai, LG, SK Group and POSCO, took part in the forum.

"The forum has attracted more than 100 executives of some 50 major South Korean enterprises, which is unprecedented," Park said.

More than 100 Chinese and South Korean entrepreneurs are exchanging views on the opportunities offered by the Belt and Road Initiative and discussing topics including China-ROK economic cooperation mode in the FTA era and experience in investing in China's western regions.

At a sub-forum for the film, television and culture industries on Wednesday, renowned entrepreneurs, directors and movie and TV stars discussed such issues as the countries' cooperation in the culture industry, production and promotion of movies and TV shows, and the impact of new technologies on the traditional entertainment industry.

"The World Knowledge Forum is centered on globalization and knowledge sharing, and Chengdu has great potential in helping the forum fulfill the goal," Park said, explaining why Chengdu was chosen as the forum venue this year.

More than 100 world-renowned IT companies have established a presence in Chengdu, according to statistics.

As a key hub in China's western development strategy, Chengdu also plays an important role in the country's Belt and Road strategy and the blueprint of Yangtze River Economic Zones, he said.

Chengdu has launched 82 international flight routes, and 262 Global Fortune 500 companies have established a presence in the city.

The city signed deals for 12 projects worth 4.64 billion yuan ($748.9 million) with Global Fortune 500 companies in the first quarter of this year. The value of 38 key projects each worth more than 500 million yuan totals 34.1 billion yuan, accounting for nearly 75 percent of all new key projects, according to the Chengdu statistics bureau.

In April, the city signed a major investment agreement with Dalian Wanda Group.

Some leading South Korean enterprises, such as Hyundai Motor and SK Group, have launched operations in Chengdu.

The Entrepreneurs Summit is expected to bring fresh business opportunities to Chengdu, Chen said.

dongjidong@chinadaily.com.cn

 

A cityscape of Chengdu shows a modern international city. Photos Provided to China Daily

  The Chengdu High-tech Industrial Development Zone is one of the earliest State-ranked zones of its kind in the country.