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According to Yonhap News,
(HONGSEONG=Yonhap News) Korean and Japanese gelatin makers have formed a joint venture that will build new production facilities in Dangjin, South Chungcheong Province.
(From left) South Chunhcheong Governor Ahn Hee-jung, Nitta Gelatin Director Raymond Merz, Sammi Gelatin CEO Kim Gyeong-rim, and Dangjin Mayor Kim Hong-jang
Governor Ahn Hee-jung of South Chunhcheong, Director Raymond Merz of Nitta Gelatin, a Japanese company, CEO Kim Gyeong-rim of Sammi Gelatin, and Mayor Kim Hong-jang of Dangjin met at the South Chungcheong Government building on July 24, and singed a memorandum of understanding (MoU) to that effect.
Based on the MoU, the joint venture between Nitta and Sammi will invest USD 30 million to build a factory that produces gelatin (protein extracted from collagen obtained from animal skin, tendons, cartilage, etc.) for foods and medicine on a 24,684-square-meter lot inside the Songsan 2-1 Foreign Investment Zone in Dangjin, South Chungcheong.
Nitta, a major Japanese maker of gelatin, is considered the largest gelatin company in Asia, while Sammi started out as Korea's first gelatin producer and is now a middle-sized company with outstanding technology and marketing skills.
If all goes to plan, the investment is expected to create an economic effect of KRW 100 billion in revenue, KRW 60 billion in exports, and 50 new jobs.
Governor Ahn noted, "the new factory will be a blessing to the local economy, helping industries involved in foods and medicine develop and create jobs," and vowed to "provide active support so that the investment is successful." Director Merz and CEO Kim also said the province's aggressive efforts to attract investment played a key role in the decision in selecting a site," and promised "the company will do its best to contribute to the community such as by hiring local talent, and fulfill its responsibilities to society."
Meanwhile, South Chungcheong revealed that this will be the 34th investment in the province by a foreign company during the province's current administration, exceeding the goal of 33 foreign investments it had initially established.
According to a South Chungcheong source, "the province was able to achieve its foreign investment goal much earlier than expected despite weak investor confidence caused by global economic instability," adding, "the province will focus its administrative power on attracting more outstanding foreign-invested companies in the second half of this year."
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Source: Yonhap News (Jul. 24, 2017)
** This article was translated from the Korean.