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Secretary Mao Yanliang Encourages South Korean Companies to Increase Investment
Zhongyuan Automobile Parts (Dalian) Co., Ltd. Increases 10 Million Dollars of Investment
Right after Spring Festival comes good news about foreign investment attraction in Dalian Free Trade Zone(DFTZ). The biggest South-Korea-owned R&D and production company in DFTZ---Zhongyuan Automobile Parts (Dalian) Co., Ltd. decides to increase 10 million dollars of investment to improve its R&D ability and expand the existing production capacity. 

On the afternoon of March 3, the biggest South Korean shareholder of Zhongyuan Automobile Parts (Dalian) Co., Ltd.. the President of South Korea Sinyeong Corporation, Kim Jongcheol visited our district with his delegation to promote relevant matters of capital increase and shares expansion. Secretary of the Party Work Committee/Director of the Administrative Committee of Mao Yanliang met the guests, and member of the Party Work Committee/Deputy Director of the Administrative Committee Chen Yushi and the directors of Automobile Industrial Park Administrative Committee and Economic and Trade Cooperation Bureau attended the meeting. 

Secretary Mao Yanliang gave his warm welcome to and discussed the problems of land use and infrastructure support during capital increase with the guests. He said, different from other finished automobile parts companies, with its unique new car and sample car R&D and trial manufacturing ability, Zhongyuan Automobile Parts (Dalian) Co., Ltd. is characterized by high-tech, high added value and high tax contribution. He hoped the company could seize the opportunity of signing and initiating China Korea Free Trade Agreement within the year and the favorable opportunity of the constant development and growth of automobile industry in DFTZ, continue to expand production scale and make the company bigger and stronger. The Administrative Committee of DFTZ will provide strong support as always and help the company achieve better development. 

President Kim Jongcheol gave his gratitude to Secretary Mao Yanliang. He said with the support of the Administrative Committee of DFTZ the company was put into production in November 2013 since when the production capacity was constantly expanding and the sales was continuously growing and its output reached 355 million Yuan in 2014. As China Korea Free Trade Agreement enters into force and the cluster advantage of automobile industrial park of DFTZ gradually emerges, the board of directors is quite optimistic about the prospect for future development and will continue to increase investment, and is quite confident that Zhongyuan Automobile Parts (Dalian) Co., Ltd. will be built into a model enterprise in DFTZ and even Dalian. 

The two sides also discussed China Korea Free Trade Agreement at the meeting and agreed to take the opportunity of signing the Agreement, further enhance economic, trade and cultural communication, make efforts to build a multi-level Dalian-Korea cooperation framework through exchange of information and sharing of resources and write a new page for China-Korea economic and trade development together. 

Zhongyuan Automobile Parts (Dalian) Co., Ltd. was founded in September 2012 with total investment of 380 million Yuan, it covers about 30,000 square meters and provides trial production services of new car and sample car to the R&D centers of major domestic automobile companies including FAW-VOLKSWAGEN, BAIC, Chery and SAIC-GM.