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According to Yonhap News,
(BUSAN=Yonhap News) Busan City and Germany’s Fortuna will sign an investment memorandum of understanding on September 25 in Busan.
Fortuna will establish a joint venture with Korea’s International Rare Earth Elements to invest USD 25 million in the Mieum foreign investment zone to build a plant that produces large diameter seamless steel pipe.
Fortuna, headquartered in Frankfurt, produces steel pipes for plants, automobiles and aerospace industry.
The Fortuna investment will create 320 new jobs and help strengthen the competitiveness of the regional plant, automobile and aerospace parts and materials industries.
The Mieum foreign investment zone (330,000 ㎡), which has been established in 2012, is a high-tech parts and materials complex.
sjh@yna.co.kr
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Source: Yonhap News (Sept. 23, 2015)
** This article was translated from the Korean.