The China (Shandong) Pilot Free Trade Zone Yantai Area launched a new administrative model to facilitate investment, which has helped 22 foreign-invested enterprises in the area receive their business licenses without going back to their home country.

Yantai area piloted the "Sino-Japan-South Korea Cross-border Investment Facilitation Model" by giving full play to its advantages of close cooperation with Japan and South Korea, which offers foreign investors services such as consultations, cooperation, and business matchmakings. The new new administrative model has not only slashed the time required to start a business, but also helped reduce the cost and risk of cross-border investment. It has also helped ensure stability of foreign trade and foreign investment during the current COVID-19 pandemic.

Wang Yan, an administrative officer at the local administrative examination and approval bureau, said that Yantai area will make great strides in deepening cooperation between governments and banks, and its businesses are expected to be expanded in various fields such as the conversion and cancellation of a company, and outbound investment. It will also continue to streamline administrative approval procedures, and provide more efficient services through online and offline channels in order to reduce the cost of transnational operation caused by institutional differences between countries.

The China (Shandong) Pilot Free Trade Zone Yantai Area, which lies adjacent to Japan and South Korea, has witnessed deepened cooperation with the two countries since its establishment in 2019. Over the years, the area has paid great attention to fostering industries including high-end equipment manufacturing, new materials, and biological medicine.

The China (Shandong) Pilot Free Trade Zone Yantai Area pays great attention to fostering industries including high-end equipment manufacturing, new materials, and biological medicine. [Photo/Yantai Daily]