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According to Yonhap News,
(SUWON=Yonhap News) Yellow Sea Free Economic Zone (YESFEZ) Authority signed an investment MOU on September 27 with Betech, the semiconductor facility manufacturer, and Cubit Pte. Lte., a Singaporean semiconductor equipment wholesaler.
Based on the MOU, investors including Cubit will spend USD 20 million for Betech to buy land of 3,300 ㎡ in Pyeongtaek Business & Industry Complex (BIX) and build the plant by early 2020.
Betech is expecting to achieve increased sales of KRW 50 billion for the next five years through the investment.
"As an example like Betech, we would like to develop successful models of foreign investment in excellent Korean businesses," said an official from YESFEZ Authority.
Pyeongtaek BIX does not fall under the regulation of Seoul Metropolitan Area Readjustment Planning Act according to the Special Act on Designation and Management of Free Economic Zones, and provides benefits such as tax reduction to foreign-invested companies.
chan@yna.co.kr
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** This article was translated from Korean.
Source: Yonhap News (September 27, 2018)