A GROUP of South Korean financial delegates, mostly bank and financial industry managers, visited the Shenzhen Stock Exchange (SZSE) before joining a dinner meeting with Futian District Government officials in Futian on Friday.

    The delegates were representing South Korean banks, including the Korea Development Bank, Woori Bank, Shinhan Bank and Hana Bank. The bankers work at subsidiaries located in Shenzhen, Guangzhou and Hong Kong. Korean managers from the Shenzhen branches of Deloitte, PWC and Samsung Property also attended the tour.

    “Our bank serves South Korean enterprises in China,” said Kim Yang-jae, director of the Guangzhou branch of the Korea Development Bank.

    “There are already some Korean banks in China, and others are considering opening offices here,” said Kim. “The Sino-Korea economy is active, which might herald the emergence of more business.”

    “Around 80 percent of Shenzhen’s financial institutes are headquartered in Futian District,” said Xiao Yafei, Futian District chief, at the dinner. “There are four of the world’s top 500 enterprises registered in Shenzhen, three of which are located in Futian.”

    “Apart from industrial capital, financial capital from South Korea is also welcome in Futian,” said Xiao, who said that 93 percent of Futian’s GDP comes from the service industry.

    O Jae-ho, director with the southern China division of the Korea Trade-Investment Promotion Agency (KOTRA), agreed with Xiao. “In the past, Sino-South Korea cooperation existed in the form of trading and the traditional manufacturing industry. This type of investment structure should develop into a new form that is based around the financial industry.”

    A KOTRA staff member said the agency mediates and arranges meetings for South Korean businessmen and helps them find local partners. Most Koreans establish their business in China by collaborating with a Chinese partner.

    Led by Liu Fuzhong, the vice general manager of the international department with the SZSE, delegates toured the SZSE building.

    Delegates learned about mergers, the acquisition market and the fund market.

    According to Xiao, any financial institute that is newly headquartered in Futian can apply for financial support from the municipal government.

    There are over 40,000 Korean expatriates in Shenzhen, with more than one fourth living in Futian.

    (Sherry Zhang)