At the beginning of this new year, the Liaison Office for Economic and Trade Affairs of Ningxia in the Republic of Korea (the ROK), Ningxia’s 16th overseas liaison office for economic and trade affairs, is approved to be established. Ningxia Guipu International Trade Co., Ltd., assisted by Ningxia Foreign Affairs Office (NXFAO), applied for the Office which will become a new platform for Ningxia and the ROK to advance cooperation. 

Since 2019 NXFAO has channeled greater energy into better serving industrial development with international resources, with a view to furthering Ningxia’s cause of opening up. During the fight against COVID-19 with its international friendship cities, NXFAO spotted new opportunities and new growth drivers, with which it paved the way for priority industries and enterprises of Ningxia to “go out” and “bringing in” technologies, investment and professionals from other countries. 

The ROK has become the main source of Ningxia’s paid-in foreign investment in recent years. In 2019, the paid-in investment from the ROK accounts for 6% of Ningxia’s total amount. The ROK is also the sixth largest export destination of Ningxia. The establishment of the Office will help Ningxia’s export-oriented enterprises better engage in international trade and bolster Ningxia’s cooperation with the ROK. NXFAO will also further leverage its international resources to serve Ningxia’s higher-standard opening up and development.