The Korea Trade-Investment Promotion Agency (KOTRA) said Wednesday it signed a memorandum of understanding (MOU) with Chinese electronics giant Haier to expand cooperation.
The MOU, signed in Qingdao, China, between KOTRA President Oh Young-ho and his Haier counterpart Yang Mianmian, calls for closer cooperative tie-ups and fostering greater exchange.
KOTRA said with 24 manufacturing plants and global sales topping US$23.3 billion in 2011, Haier is in the process of expanding into so-called smart city services that require extensive applications of information technology (IT) knowhow.
Korea is one of the global leaders in the IT sector making it an ideal partner for Haier, the world's largest home appliance manufacturer.
Oh said Haier has maintained active ties with South Korean companies and KOTRA aims to strengthen cooperation that can create new opportunities for all sides.
Yang stressed that Haier has close business relations with South Korea, adding that with this year marking the 20th anniversary of formal diplomatic relations between the two countries, the MOU can further increase two-way exchange.
KOTRA, meanwhile, said that it plans to help South Korean companies forge ties with the Chinese manufacturer in the future. (Yonhap)