▲ MOU Signing Ceremony (Shenyang, China)

Massive amount of Chinese capital expected to flow into Waemok, Dangjin, which is seeking to emerge as a marina port of the central region of Korea.

Chungcheongnam-do and Dangjin signed an MOU on November 5, 2015 at Liaoning Friendship Hotel in Shenyang, Liaoning Province, China. Under the MOU, China’s state-run Liaodi Group will invest 540 million dollars (approximately 610 billion won) in the Korean province.

The MOU Signing Ceremony was attended by, among others, Vice Governor Song Suk Doo for Administrative Affairs of Chungcheongnam-do, Mayor Kim Hong-jang of Dangjin, CEO Li Chunming (李春明) of Liaodi Group, and Yu Bong Hui, CEO of Taeyoung enterprise.

Liaodi Group plans to invest 80 million dollars in building a marina port at Waemok area in Dangjin, and 60 million dollars in developing a tourist district in Nanjido Island, with 400 million dollars earmarked for the development of an automobile services complex.

As a state-run company in China that specializes in civil engineering projects, construction of roads and railroads, and real estate development and investment including geological surveys, Liaodi Group is actively involved in development projects in other countries around the world.

According to the provincial government, Liaodi Group is the fourth Chinese investor in the region, and its investment is the second largest in terms of amount, adding that it is the first ever foreign investment in the development of marina tourism facility and real estate development in the province.

If the investment is made according to the plan, Waemok area is expected to emerge as a key marina port of the central region -- a long-held ambition of the province -- as well as to help realize the grand vision of the West Coast Era.

“I sincerely welcome Liaodi Group’s decision to invest in Dangjin. The leaders of Korea, China, and Japan emphasized expanding economic and social cooperation for the mutual prosperity of the three countries at the Korea, China, and Japan Summit held in Korea.

As such, Chungcheongnam-do will remain committed to maintaining a mutually beneficial relationship with the Chinese government and Chinese companies and leave no stone unturned in terms of support to ensure that the group’s investment projects are carried out successfully,” Vice Governor Song said at the signing ceremony.