According to Yonhap News,

(SEOUL=Yon Hap News)The Ministry of Trade, Industry & Energy (MOTIE) held a meeting of the Foreign Investment Committee on June 23 and designated INITZ, a joint venture of Korea’s SK Chemicals and Japan’s Teijin, as a foreign-invested company that can benefit from tax reductions.

INITZ plans to invest KRW 354.9 billion in the Ulsan Mipo National Industrial Complex by 2018 and employ 122 workers by making basic resins of new material plastics, which are used to produce cars and machines instead of metal and establish manufacturing and production facilities of compounds.

The Ministry also designated NRG Energy, an American company, as a foreign-invested company. NRG Energy is to invest KRW 128.7 billion in Yedang Industrial Complex, in South Chungcheong Province, to install a facility that creates solid fuel by recycling municipal waste.

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