In the bustling Xita neighborhood of Shenyang, the capital of Liaoning Province, the many markets featuring Korean-style architecture, stir-fried rice cakes, pickled vegetables and sizzling barbecue could make visitors think they’re in Seoul. Shenyang is a longtime favorite among South Koreans, due to its similar climate, food and culture.

Shenyang, known for its advanced equipment manufacturing industry, is a magnet for foreign investment. As of the end of last year, it had approved 4,742 South Korean-invested enterprises, ranking second among the 138 countries and regions that have invested in Shenyang, behind only Germany, according to the Shenyang Commerce Bureau. Foreign capital from the country totaled about $7 billion.

In order to gauge the needs of South Korean companies, the city government of Shenyang organizes symposiums at least once a year. South Korean companies such as CJ Group, POSCO, Orion Corp and Nongshim Co are thriving in Shenyang. Additionally, five banks, including Shinhan Bank, Hana Bank and Woori Bank, have set up branches in the city.

South Korea has also become one of Shenyang’s most important trading partners and sources of foreign investment, according to the bureau.