BUSAN < invest Korea

According to Yonhap News,

Busan City said on March 18th that it would sign an investment MOU worth 20 million euro (100% foreign capital) with Bosch Rexroth Korea, a subsidiary of Bosch Rexroth AG, on March 21st.

Busan Mayor Heo Nam-sik and President Han Sang-guk of Bosch Rexroth Korea will sign an investment MOU at the MOU signing ceremony.

Bosch Rexroth Korea, a wholly owned subsidiary of Bosch Rexroth AG, plans to build a factory for manufacturing facilities in Mieum Industrial Complex for the Components and Materials, Gangseo-gu, Busan.

Bosch Rexroth Korea will invest over 20 million euro (KRW 31 billion) in building the factory, hire about 300 workers, and supply its products to Hyundai Heavy Industries, STX Metal, and Doosan Heavy Industries & Construction.

Busan City plans to lease a site of 44,397㎡ within Mieum Industrial Complex for the Components and Materials (for up to 50 years), and provide full administrative support in terms of authorization and permission.

Bosch Rexroth AG is a global auto parts producer with the sales of 46.3 billion euros and 285,000 employees as of 2010.

Mieum Industrial Complex for the Components and Materials is 328,000㎡ in size and is slated to be completed late this year. The construction rate is 50% as of the end of February.

Busan City has had consultations with central government agencies to turn the industrial complex into a foreign investment zone where the state fund can be invested.

Busan said “with the upcoming Korea-EU FTA ratification, Germany’s leading components and materials companies, research institutes, and schools have decided to operate in Busan which will bring about diverse and active exchange between Busan and Germany.”

Source Text

Source: Yonhap News (March 18, 2011)

**This is an English translation of a Korean news article.