Gimhae-si (City) unveiled its plan Wednesday to invest 75 billion won to build the Inno-Biz Valley, a general industrial complex, on a 258,900 square meter-site by 2015.

The Ministry of Land, Transport and Maritime Affairs gave nod to the industrial complex project last month. The city plans to complete administrative procedures including the environmental impact assessment within this month.

For the project, the city’s delegation visited Indonesia last year to sign an investment memorandum of understanding with PT. BLUE SEA INDUSTRY, led by a Korean CEO.

According to the MOU, the Indonesia-based manufacturer agreed to set up a joint venture with a Korean company to build a high-end factory.

Gimhae made substantial achievements last year in attracting foreign-invested companies including Japan’s Soft Bank and Kuroda Electric.

Source: Yonhap News (Feb. 13, 2013)

** This is the translation of a Korean article.