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Seosan Attracts 900 Billion Won-Investment from 25 Companies
Date
2012.12.24
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According to Yonhap News,

Even amid the global economic slowdown, Seosan City in south Chungcheong Province (Chungnam) is reported to attract 953.6 billion won-investment from 25 companies this year.

The city inked a 600 billion won-investment agreement with Hyundai WIA to build an automobile component factory on a 419,326 square meter-site in Seosan General Industrial Complex.

Hyundai WIA plans to gradually increase its investment to 2 trillion won by 2020. If completed, the factory is expected to create 1,000 jobs and generate production worth 500 billion won each year.

Given that Hyundai WIA's 100 partner companies will also relocate their factories to the general industrial complex, it would have significant impact on the regional economy.

Last April, Seosan Mayor Lee Wan-seop visited the headquarter of Total, a French multinational oil and gas company, to sign a 2 trillion won-investment agreement for expansion of its Korean factories.

Under the agreement, Samsung Total Petrochemicals is planning to complete the construction of the factory by June, 2014.

In addition, the city concluded a USD 300 million-investment agreement with Hyundai Oilbank and the global energy and petrochemical group Shell to build a lubricating oil production facility in Daesan Industrial Complex.

If completed, the production facility will create 500 jobs.

"Seosan is a perfect place to do business due to its easy access to a seaport adjacent to China and well-established logistics infrastructures," said Mayor Lee. "We will continue our efforts to attract investment from large companies and promising companies for generating employment and facilitating the regional economy."

Source Text

Source: Yonhap News (Dec. 24, 2012)

** This is the translation of a Korean article.