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According to Yonhap News,
(SEOUL=Yonhap News) The amount of foreign investment the Yellow Sea Free Economic Zone Authority of Gyeonggi Province attracted last year was the largest in its history since the first opening in 2008.
The Authority said on January 6 that it had attracted an investment of USD 145 million through 7 MOUs it signed last year.
The amount is greater than the total foreign direct investment (FDI) amount it attracted for the past 10 years.
The Authority attracted a USD 120 million investment with 4 contracts between 2008~2016 and a USD 20 million investment with 2 contracts in 2017.
It expects 750 new jobs will be created from the effect of the last year's FDI amount.
In addition, the Yellow Sea Free Economic Zone Authority signed 5 LOIs for investment in 2018, which would bring investments worth USD 148 million.
Furthermore, it succeeded drawing USD 75 million investment commitments from 5 companies it had MOUs with.
Last year, the Yellow Sea Free Economic Zone Authority attracted a USD 20 million investment from Betech, a Singaporian semiconductor materials company, to support Korean companies' competitiveness and overseas advancement. Also, it attracted 2 Chinese commerce companies to reinvigorate the Pyeongtaek port and Korean companies' exports.
The Authority wants to carry the investment attraction momentum from last year before the selling of "Pyeongtaek BIX" in the Free Economic Zone begins.
Lee Hwa-soon, the President of the Yellow Sea Free Economic Zone Authority, said "Since being selected as the "Key FDI Support Business" by the Ministry of Trade, Industry and Energy last year, the Yellow Sea Free Economic Zone Authority has experienced tremendous growth. We will do our best to become the economic region that leads the fourth industrial revolution including smart factories."
kwang@yna.co.kr
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Source: Yonhap News (January 6, 2019)
** This article was translated from Korean.