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According to Yonhap News,
Designating 2012 the Year of Job Creation, Busan has made substantial achievements in attracting investment worth 765 billion won from home and abroad this year.
Busan said eight companies have been relocated to Busan and ten companies have built or expanded manufacturing facilities. In addition, 11 foreign-invested companies have decided to move to Busan. These achievements have led to new investment worth 765 billion won, which is expected to generate 4,600 jobs and facilitate the local economy.
Busan's decision to provide a 165,000 square meter-land below the construction cost triggered six companies including KANGRIM INSULATION, an LNG ship component manufacturer, to invest 120 billion won in the Mieum District, which will create 1,800 jobs.
In February, LG CNS started the construction of its datacenter on a 30,000 square meter-site with 170 billion won investment, which will play a key role in enticing data service providers.
In April, Geislinger, an Austria-based damper and coupling manufacturer, held a groundbreaking for its factory in a foreign investment zone (FIZ) in Mieum District.
In May, Germany's Wilo Pump also held a groundbreaking for a large-scale pump factory in the FIZ and is starting commercial production in January.
"We are working hard to ease the initial financial burden of investors by establishing an investment promotion fund, providing rental sites at a cheap price for companies seeking to relocate their factory from abroad and offering low-interest loans," said a Busan official.