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Daegu to Attract USD 100 Mn Foreign Investment

According to Yonhap News,

(DAEGU = Yonhap News) The Daegu-Gyeongbuk Free Economic Zone Authority (DGFEZ) announced on January 9 that it aims to attract more than USD 100 million of foreign investment in 2014.

The DGFEZ plans to focus on the IT convergence, high-tech transportation and machinery parts and cutting edge medical industries to attract foreign investment.

It will try to attract companies and regions by analyzing results of 142 investor relations that have been conducted so far.

In order to induce joint-venture investments, the authority plans to discover businesses that are willing to enter into investment agreement with foreign companies, and provide investment opportunities to foreign investors by holding joint IR with local companies.

Cooperation with some of foreign chambers of commerce in Korea and embassies will also be enhanced.

The DGFEZ agreed with the American Chamber of Commerce in Korea, Canada Chamber of Commerce in Korea and Korean-German Chamber of Commerce and Industry to push ahead joint ventures.

With Germany’s Nuremberg Chamber of Commerce and Industry and Turkey’s Europe free economic zone agency, two of European institutes that concluded MOUs with the DGFEZ, the authority will discuss the detailed measures to cooperate in investment attraction.

Last year, the DGFEZ attracted more than USD 103 million of foreign investments by signing memorandum of understandings.

It succeeded to attract 32 domestic companies and more than KRW 240.6 billion of investments by the companies are expected.

“Although it is hard to attract investments due to the global recession and low yen, we will attain the target amount by promoting the competitiveness of the local economy and maximizing the growth potential,” said Choi Byung-Rok, Commissioner of the DGFEZ. “As Suseong Medical Zone and Gyeongsan Knowledge Industrial development project are going smoothly, we will accelerate the investment attraction.”

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Source Text

Source: Yonhap News (Jan. 9, 2014)

** This article was translated from the Korean.