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(HONGSEONG=Yonhap) Beijing Lirr, a Chinese maker of refractories, will build production facilities in the city of Dangjin, South Chungcheong Province, with a Korean company.
From left, Dangjin Mayor Kim Hong-Jang, South Chungcheong Governor Ahn Hee-jung, Beijing Lirr Vice President Zhang Dao Yuan, and KR CEO Kim Dae-seong pose at the signing ceremony.
The province has welcomed the investment decision, especially in this time of conflict between Korea and China concerning the deployment of the THAAD anti-missile system.
On July 6, Governor Ahn signd a memoranduum of understanding (MoU) to this effect with Beijing Lirr Vice President Zhang Dao Yun, KR CEO Kim Dae-seong, and Dangjin Mayor Kim Hong-Jang at the province government building,
In cooperation with KR, Beijing Lirr will build facilities to produce refractories for iron and steel until 2022 across a lot spanning 33,334 square meters in the Songsan 2nd Foreigner Investment Zone in Dangjin.
If all goes to plan, the province expects the investment to create an effect of KRW 25 million in sales, 70 jobs through direct employment, production inducement of KRW 25 million, KRW 15 million in added value over the next 5 years.
Vice President Zhang Dao Yun and CEO Kim Dae-seong promised to actively seek to contribute to regional development, including by creating local jobs, as well as honor their responsibilities to the local community.
Governor Ahn noted, "It hasn't been easy attracting investment from China since the THAAD deployment decision, but we intend to build on the agreement with Beijing Lirr and focus our administrative efforts on attracting more Chinese companies to South Chungcheong."
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Source: Yonhap News (Jul. 6, 2017)