Chengdu attaches great importance to the introduction of investor clusters instead of individual enterprises.
Premier Li Keqiang and South Korean President Park Geun-hye reached a consensus during Li's visit to South Korea in October last year that the two sides will increase cooperation in innovation, intelligent manufacturing and R&D in high-end technology.
And the two sides made a major step forward a month later with the announcement that a Sino-South Korean Innovation Park is to be formally established in Chengdu, capital of Sichuan province, the major economic center in China's western region.
Comprising an innovation venture incubation platform and an industrial park, the new innovation park will be located in the Chengdu High-tech Industrial Development Zone.
The project aims to become a major innovation venture center with a global reputation through coordinated R&D activities and industrial cooperation between enterprises of the two countries.
A number of major South Korean companies, such as Hyundai Motor Co, SK Group and Lotte Department Store, already have a presence in Chengdu. Woori Bank, South Korea's second-largest commercial bank, has a branch in Chengdu.
To further facilitate trade and investment, a direct flight from Chengdu to Seoul, capital of South Korea, was opened in July last year by Air China. It is the third direct air route between the two cities and there are 10 flights a week, the busiest among China's western cities.
By August last year, statistics indicated that 243 South Korean companies have invested in Sichuan, with automaking, food, pharmaceutical, culture and finance the main industries for investment.
Among the Global 500 enterprises that have investments in Sichuan, 11 are from South Korea.