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Daegu Technopolis Sees KRW 75 BN Investment

Daegu Gyeongbuk Free Economic Zone Authority (DGFEZA) will sign an investment agreement of KRW 75 billion with Daegu mayor Kim Bum-il, CEO of DGFEZA Choi Byung-rok, CEO of the East Bridge Partners Lim Jung-Gang and UGint CEO Lee Hyun-woo.

UGint, an outstanding company from Daegu, produces tapping centers, which process cellphone cases, and supplies them to partners of Samsung Electronics, Apple, Hyundai Motors and more.

Headquartered in the Caribbean, East Bridge Fund is a private fund company which operates assets of KRW 368 billion.

The companies which pledged to invest will build manufacturing facilities on a 50,000 m2 site in the Technopolis by October of 2014 and begin operation.

CEO of DGFEZA Choi Byung-rok noted that the investment will help UGint to grow into a global company with increased production, adding that the city will see job creation and technogical development in the field of mechatronics.

The Daegu Technopolis, which is under construction, is showing completion rate of 95 percent and will be completed by the end of the year.

The Daegu Gyeongbuk Institute of Science and Technology and Electronics and Telecommunications Research Institute have completed moving in, and 76 companies are also planning to move.

Source Text

Source: Yonhap News (Sep. 27, 2013)

** This article was translated from the Korean.