Busan and Qingdao sign an 'Economic Cooperation Agreement'

BUSAN, South Korea -- Economic cooperation between Busan and Qingdao is expected to become more active following the signing of the 'Busan-Qingdao Economic Cooperation Agreement' at the Paradise Hotel in Haeundae last month.

The agreement includes provisions for cooperation & convenience in economic trade relations between the two cities, expansion in trade volumes and encouraging the hosting of more exhibitions and forums. Meanwhile, an exchange agreement between Busan-Jinhae Free Economic Zone Authority, Qingdao Port, Busan Port Authority and Qingdao Port Group was signed during the ceremony as well.

Mayor Hur Nam-sik of Busan said, "This year is the 20th anniversary of diplomatic relations between Korea and China. We expect more active exchanges in the economic, trade, marine and port sectors with Qingdao based on this agreement."

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