According to Yonhap News,

(MUAN=Yonhap News) Sumitomo Seika, a leading Japanese fine chemicals company, has invested USD 50 million in the Yeosu National Industrial Complex in South Jeolla Province. The company previously reached an agreement with South Jeolla Province to invest USD 100 million in the complex.

“Sumitomo Seika, which pledged to invest USD 100 million in the complex on September 23, has already invested USD 50 million in the complex in just less than two months. I would like to thank CEO Yusuke Ueda of Sumitomo Seika,” said Governor Lee Nak-Yon of South Jeolla Province on November 10.

"We have to remove the prejudice that South Jeolla Province is short of companies and only focuses on the agriculture and livestock industries and prove it wrong. Not only should we be proactive in introducing the investment conditions of the province, we should also show that many Japanese and Chinese companies have decided or will decide to invest in this region,” said Lee.

Sumitomo Seika plans to invest USD 100 million in the Yeosu National Industrial Complex to build a highly absorbent resin manufacturing plant by 2015.

When Sumitomo Seika becomes a tenant of the complex, logistics costs will be reduced, as the company will benefit from the direct supply of raw materials from the complex. The company will contribute significantly to the regional economy through export expansion and job creation.

Sumitomo Seika, headquartered in Osaka, is a leading Japanese fine chemicals company that produces functional and fine chemicals.

Lee, who had learned that Sumitomo Seika was reviewing overseas locations to build its risk management plant, visited Sumitomo Seika in Japan to encourage the company to sign the investment agreement with South Jeolla Province.

shchon@yna.co.kr

Copyrights Yonhap News. All Rights Reserved.