(ECNS) -- At present, more than 2,000 South Korean merchants are engaged in trading in Yiwu, a global small commodity hub in East China's Zhejiang Province, China News Service learned at a signing ceremony between Yuwu and Haenam County in South Korea on Thursday.
The Memorandum of Understanding signing ceremony was held both online and offline at Yiwu and Haenam County.
Yiwu is a city built on market principle， said Ye Bangrui, mayor of Yiwu. There are various commodities, merchants, and business opportunities, and the business exchange has provided development opportunities to people around the world, he added.
2022 marks the 30th anniversary of the establishment of diplomatic relations between China and South Korea and the 40th anniversary of the establishment of the Yiwu market. Haenam County is the fifth South Korean city to establish friendly exchanges relationship with Yiwu.
Data from Yiwu Customs shows that, in the first 10 months of this year, the city's import and export to South Korea hit 9.51 billion yuan (1.33 billion), an increase of 85.1 percent year-on-year.