The Sihwa Multi Techno Valley (MTV) in Gyeonggi Province has caught the eyes of investors at home and abroad.

According to the Ansan City Government, a plant being built by Canon Korea Business Solutions in Sihwa MTV with an investment of KRW 100 billion will be completed by mid-April. The plant will include R&D centers and production facilities.

Canon Korea Business Solutions, established in 1985 by Korea’s Lotte and Japan’s Canon with a fifty-fifty investment, is a registered foreign-invested corporation that manufactures printers, copy machines, scanners, medical devices, and more.

Kume & Code, a Korean-Japanese joint venture, will submit a business proposal to the Sihwa City Government this month to build a culture and tourism-combined town equipped with hotels and convention centers in Sihwa MTV. Its estimated project cost is about KRW 1.2 trillion, and it aims to attract foreign capital amounting to more than 50 percent of the project cost.

S-Power is building a combined cycle power plant in Ansan and aims to complete it by October 2014. S-Power, a joint venture established by Samchully, Korea South East Power (KOSEP), and POSCO E&C, will operate the combined cycle power plant that is equipped with a capacity of 834.3㎿ and uses liquefied natural gas (LNG).

The sales of industrial lots of Sihwa MTV began in 2010. 242 companies have purchased 76 percent of the lots, and 20 firms will start constructing their plants in the first half of this year.

“We have simplified administrative procedures for investors to boost the local economy,” said Kim Cheol-min, Mayor of Ansan.

Source: Yonhap News (Mar. 27, 2013)

** This article was translated from the Korean.