Earlier this week, OCI entered into an agreement with the Saemangeum Gunsan Free Economic Zone Authority (SGFEZ) to move into Zone 1 of the Saemangeum Industrial Complex. The company plans to build a plant for new materials and chemical products in the zone with an investment of KRW 2.2 trillion and start production in 2016.

As OCI plans to sign another contract this year to establish a combined heat and power plant in Zone 2 with an investment of KRW 1 trillion, many anticipate seeing 2,000 or more jobs and an increase in the local economy.

However, some have been disappointed with OCI’s investments, which stand at one third of the KRW 10 trillion investments it revealed at the MOU signing ceremony two years ago.

Source: Yonhap News (Mar. 25, 2013)

** This article was translated from the Korean.