According to Yonhap News,

(SUWON=Yonhap News) China's Jinyue Group, a representative company of Heilongjiang Province, has agreed to invest KRW 80 billion in Pangyo Zero City currently being built in the new town of Pangyo in Seongnam City, Gyeonggi Province, Korea.

Gyeonggi Province and Jinyue Group singed a memorandum of understanding (MoU) to that effect at the provincial government building on October 17.

Based on the agreement, the company will invest KRW 80 billion in constructing a ten-story building, one of three that will comprise the Global Business Center in Pangyo Zero City, to open the tentatively named 'High-tech Industry Business Center.'

When completed, the building will house branches of numerous cutting-edge Chinese organizations such as Harbin Institute of Technology's Robot Group, Peking University's startup accelerator, and Jinyue's solar power unit, for the purpose of expanding technological cooperation between Korea and China, and help startups enter foreign markets.

The two parties also agreed to attract companies in the advanced fields of autonomous cars, robotics, artificial intelligence and big data to Pangyo Zero City, and thereby lead in the fourth industrial revolution.

Gyeonggi Governor Nam Kyung-pil noted, "Jinyue Group's investment in Pangyo Zero City is all the more meaningful during this time of difficulty between the two countries surrounding the deployment of the THAAD missile defense system," adding that he hopes "the High-tech Industry Business Center will grow into an Asian business hub for advanced industries."

Pangyo Zero City is a future city that will span 432,000 square meters of land in Geumto-dong, Sujeong-gu, Seongnam City, with some 40,000 people working at 750 tenant companies.

When it opens, Pangyo Zero City is expected to transform the area into a global cutting-edge industy cluster.

The province has set out to attract foreign companies to Pangyo Zero City to cultivate it into a global center for the fourth industrial revolution, and has succeeded in signing an MoU with global auto maker BMW in October 2016 to build an R&D center, an later with China's ATEC, a leader in autonomous vehicle technology.

Jinyue Group will the third global company the province has succeeded to attract.

Founded in 2002, Jinyue Group is a representative company of China's Heilongjiang Province, and is famous for its solar energy, electronics and real estate businesses. The company first entered the Korean market in 2004 when it invested in Celluon, a Korean firm that owns a patent for motion recognition technology.



wyshi@yna.co.kr

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