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North Chungcheong Province Attracts $100 Million Investment From Goulds Pump
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North Chungcheong Province has attracted foreign investment worth 119.54 billion won ($107 million) from the United States and Malaysia.

Governor Lee Si-jong of North Chungcheong signed a 111.72 billion won investment attraction agreement last month with Goulds Pump, a manufacturer of industrial pumps, at their New York Headquarters. The company will build an industrial pump manufacturing facility on a 50,000 square meter-site in the Oksan Industrial Complex in Cheongwon-gun by 2017. Goulds Pump will gradually increase its production line in the Oksan complex after the construction of its manufacturing facility, which is expected to generate 89.464 billion won in annual sales within the first half of this year.

The province has also entered into a memorandum of understanding (MOU) within the U.S.-based Excimus Biotech, a developer of disease detection kit, for a 7.82 billion won investment to establish a research institute in Osong Bioscience Technopolis by 2015. During his visit, Lee organized an investment seminar in Maryland to promote the Osong Bioscience Technopolis to 100 businessmen from the bio and pharmaceutical sectors. He also visited manufacturers of cosmetics and beauty products to promote the 2013 Osong Cosmetics and Beauty World EXPO.

In Malaysia, the province concluded an MOU with Air Asia, a low-cost airline based in Kuala Lumpur, to expand international routes from Cheongju Airport and enhance cooperation to establish an air academy.   

Source Text

Source: Yonhap News (Feb. 27, 2012)

** This is the translation of a Korean article.