HAIKOU, October 14. /TASS/. A group of South Korean companies will take part in a large-scale project dubbed Windows to World Trade, which plays an important part in creating the Hainan free trade zone. According to www.hinews.cn, an agreement was signed between the South Korean assosiation of small and medium enterprises and the Hainan Industrial-Cultural and Tourism Group in the city of Haikou.
At this stage, there are about 27 South Korean companies which are involved in trade, medical care and cosmetics, as well as other areas. According to the resource, those companies' potential in the project demonstrats the results of the Chinese government's policy aimed at attracting foreign investments.
The president of the South Korean Association is optimistic about Korean companies' potential in Hainan's free trade zone project, notes the publication. According to the website, joining the Windows to World Trade project will allow them to use the potential of the province’s economic development.
The Windows to World Trade project is part of a government program dubbed Thousands of Enterprises from a Hundred Countries, which aims to create conditions for companies with foreign capital to work in the province. In provides for centralized public services to foreign investors. The project was launched in June 2019. Banks were opened, trading companies, comprehensive services, intermediary companies were created, and investment agents were involved in its implementation.
Hainan's free trade zone project
In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan.
By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.