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Busan-Jinhae Free Economic Zone (BJFEZ) will see a flood of Chinese capital for the first time.
BJFEZ authorities said a Korean company specializing in superconductivity and Huzhou Fengtai Stainless Steel Pipes entered into a joint venture called KTMT Nuclear to build a 33,000 square meter-manufacturing facility within the Hwajeon Foreign Designated District in BJFEZ with a 77.76 billion won ($69 million) investment. $32 million would come from Huzhou Fengtai, a Huzhou-based manufacturer of stainless steel pipes and tubes.
KTMT Nuclear will manufacture superconductivity wires used in Magnetic Resonance Imaging equipment and special alloy tubes in steam generators for nuclear power plants. Most of the products will be exported to emerging economies including China and India, both of which are seeing a growing demand for the products.
"The recent joint venture has drawn massive Chinese capital to our zone
for the first time. We expect the joint investment to trigger other Chinese
companies with abundant capital to invest in our zone," said a BJFEZ official.