South Korean conglomerate CJ Group maintains a positive outlook on the Chinese market, citing steady profit growth in 2023 as evidence of its successful operations.
Yoon Doson, Vice President of CJ Group and CEO of CJ China, said the group, which has invested over 8.5 billion yuan (about 1.2 billion US dollars) in Shandong over the last 30 years, values and appreciates the growth opportunities and favorable conditions that the Chinese market offers to foreign enterprises.
"First, the stability of China's economic growth and the potential of its vast market are our primary considerations. Second, from a geographical perspective, Shandong Province is located in central China, which provides great convenience in terms of logistics. Third, many foreign enterprises not only target China's domestic market but also use China as an export base. So, Shandong Province can not only meet domestic demand but also serve as a future export hub for our company. Therefore, I believe that Shandong Province has tremendous growth potential, and our company will continue to thrive here," he said.
Yoon said the broad range of reforms to attract more foreign investment adopted at the Third Plenary Session of the 20th Communist Party of China Central Committee in July would have a positive impact on business opportunities for foreign investors.
"The Chinese government's ongoing commitment to openness, particularly in easing market access and optimizing the environment for foreign investment, has created more opportunities for foreign enterprises. While some companies may have concerns about the business environment in China, given the unstable international situation, we believe opportunities far outweigh the risks. By closely monitoring the trends and characteristics of China's economic changes, we are confident that we will find even greater room for growth. We are full of confidence in our future development in China," he said.
Yoon said he will attend the 5th Qingdao Multinational Summit scheduled for August 27 to 29 in Qingdao City of east China's Shandong Province, a region long recognized as a key hub for South Korean investment due to its geographical proximity to the country.
South Korean CJ Group confident about China's investment environment
