BUSAN < invest Korea

(BUSAN=Yonhap) Global companies are ligning up to invest in Busan.

Busan Metropolitan City is scheduled to hold a MoU signing ceremony at 11:20 am on February 20 at the city hall, which will be attended by the Busan Mayor Suh Byung-Soo, Busan-Jinhae Free Economic Zone Authority (BJFEZ) Director General Jin Yanh-hyun, Babcock's Defense Technology Managing Director Jeff Lewis, and GSC Tech CEO Lee Sung-gil.

Headquartered in the U.K. city of Bristol, Babcock is a global defense company involved in various fields, including shipbuilding, railways, ports, green energy, communication, nuclear power.

In particular, the company is recognized for its technological prowess and influence to extent that it exclusively maintains, repairs and manages U.K.'s transportation infrastructure, including railroads, harbors and airports.

It is thought that the company decided to participate in the Jang Bogo submarine project to use Busan as its Korean headquarters in the future.

Based on the MoU, Babcock will establish its subsidiary Babcock Korea in Busan, and build a 3,300-square-meter R&D center in the Busan-Jinhae Free Economic Zone, where it will be involved in the manufacturing, assembly, maintenance, and management of shipbuilding parts and carry out related R&D projects.

Based in the U.S. city of Seattle, GSC Tech owns original technology related to the manufacturing and operation of dental equipment, such as dental CAD, CAM systems and high-speed milling machines.

Based on the MoU, GSC Tech has agreed to build a 26,000-square-meter R&D center in the Myeongji International City within the Busan-Jinhae Free Economic Zone. The company plans to sign with tenant companies in the first half of this year, and commence construction.

Busan expects the new R&D center to help nurture the city into a global center for the dental industry.

With other medical equipment companies such as Osstem, Dio and DDS are already based in the city, in addition to the only graduate school of dentistry in the southeast, Busan has an advantage in cultivating the local dental industry,

The city expects the investments by Babcock and GSC Tech to encourage other competitive foreign companies to invest in the city as well.



joseph@yna.co.kr

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Source: Yonhap News (Feb. 19, 2018)