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Japanese Firm Invests in Pyeongtaek

Koyo Jico Korea’s manufacturing plant, built with an investment of USD 1.3 million, opened last Thursday in the Hyeon-gok Industrial Complex in Pyeongtaek, according to Gyeonggi Province.

Koyo Jico Korea, which manufactures water pump bearings for automobiles, plans to recruit 120 new workers by 2015.

The products to be manufactured at the plant are developed by JTEK, a Japanese automobile parts maker, and protected by patents in Japan. Gyeonggi Province expects the advanced technology to help major Korean customers including KIA and Hyundai.

Gyeonggi Province signed a memorandum of understanding with Koyo Jico Korea in July of 2011.

Hwang Sung-tae, a Gyeonggi Province official, noted that foreign-invested companies contribute substantially to the regional economy through job creation and technology transfers. He added that the province will focus on improving its investment environment.

Source Text

Source: Newsis (May 15, 2013)

** This article was translated from the Korean.

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