The cooperation between Yantai and South Korea will enter a new stage as two new South Korean projects settled in Yantai, Shandong province.

On Dec 18, Yantai and South Korea signed an agreement on a China-South Korea International Film Festival and announced the launch of a Hua'an International South Korean Town.

According to Li Guo'an, CEO of the Hua'an Group, the "South Korean Town" project will require an investment of 117.3 billion yuan ($18.09 billion) to accommodate industries of logistics, tourism, culture, business, finance, e-commerce, technology, education, medical treatment and services for the aged.

The bilateral free trade agreement signed between China and South Korea in June 2015 has boosted mutual development and the China-South Korea International Film Festival will further cooperation of the two sides in the film industry.

An agreement on a China-South Korea International Film Festival is signed in Yantai, Shandong province on Dec 18. [Photo provided to chinadaily.com.cn]