(GWANGYANG=NEWSIS) The Gwangyang Bay Area Free Economic Zone Authority (GFEZA) announced January 21 that it has signed memorandums of understanding with three companies that wish to invest in the free economic zone (FEZ).

According to the GFEZA, the three companies -- Sansuiteco Korea Inc. of Japan and Mirae Scientific Instruments Inc. and Jeyoung Industrial Co., Ltd. of Korea -- will invest KRW 77.5 billion in the FEZ and create 340 new jobs.

Sansuiteco Korea Inc. will invest KRW 35 billion in the Yulchon free trade zone nearby to manufacture steel structures with Gwangyang’s abundant raw materials for steel and export them to Japan. By investing in the project with foreign investment capital, it plans to create 270 new jobs.

Mirae Scientific Instruments Inc., which is located in Gwangju, will invest KRW 40 billion in the Haeryong Industrial Complex. It produces equipment for chemical engineering, experiments and research.

Having recently developed networked silica, a reinforcing material for green tires, the company will supply the eco-friendly new material to companies that produce tires, belts, shoes and wires.

Jeyoung Industrial Co., Ltd., which will invest KRW 2.5 billion in the Sepung Industrial Complex, focuses on recycling businesses, including the recycling of functional plastic materials.

The company, which has applied for relevant patents, plans to focus its investment in recycling and restoring the raw materials of bio plastics once it moves to the Sepung Industrial Complex.

kim@newsis.com

Source Text

Source: Newsis (January. 21, 2015)

** This article was translated from the Korean.