Mutual Investment between South Korea and Mainland China: Saemangeum Industrial Complex as an Example

Abstract

The Saemangeum Korea-China Economic Cooperation Complex (SECC) is an open economic zone that is to be jointly developed by South Korea and Mainland China. Since the 2014 Korea-China Summit, the Korean government has been promoting the development of Saemangeum as an issue of high priority on its national policy agenda. At the forefront of the development of the SECC is the creation of the Korea-China Industrial Cooperation Complex (SICC), which will promote the industries of Korea and China in accordance with the bilateral free trade agreement(FTA). The Complex is designed to serve as a production hub of future strategic emerging industries. The Saemangeum Program is an ambitious undertaking through which the Korean government seeks to create a new hub of economic, industrial, and tourist activities in Northeast Asia by developing a vast reclaimed land in Saemangeum. Situated in the center of the Pan Yellow Sea Region, Saemangeum provides easy access to China, Japan, and Eurasia. You can reach more than 60 cities with a population of at least 1 million each in just 3 hours by flight from Saemangeum. The center of Korea`s West Coast, Saemangeum Gunsan also provides quick access to Seoul, Incheon, and the rest of central Korea, as well as to all other major cities in the country in just 2 hours.