According to Yonhap News,

(GWANGYANG = Yonhap News) The Gwangyang Bay Area Free Economic Zone Authority (GFEZ) signed an investment memorandum of understanding (MOU) with the world’s leading wind tower manufacturer CS Wind Corp on April 7 at the GFEZ office. A wind tower is the body part of a wind turbine.

CS Wind Corp is to invest about KRW 50 billion in the facilities and equipment of the west side container berth hinterland of the Gwangyang District, and hire about 300 workers to produce wind towers and other materials and equipment.

CS Wind Corp’s wind tower was recognized by the Ministry of Trade, Industry & Energy as a world-class product last December. The company posts annual profits of KRW 320 billion and holds the largest share in the world’s wind turbine and wind tower market.

The MOU will provide CS Wind Corp with an opportunity to establish the first production line in Korea at the container berth hinterland of the Gwangyang District. The company currently operates production lines in China, Vietnam and Canada.

“By exporting about 80 to 90 percent of its products, CS Wind Corp will be able to create more local employment opportunities and improve the export competitiveness of the nation’s offshore plant industry,” said a GFEZ official. “South Jeolla Province and the city of Gwangyang will actively provide administrative support to help the company successfully establish its production line in Gwangyang District.”