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China's Synutra to invest KRW 20 billion to build a factory in Incheon Port

According to Yonhap News,

(INCHEON=Yonhap News) On July 4, Incheon City announced that Synutra International, Inc., China's leading baby food and formula company, plans to establish a plant to produce baby formula in the free economic zone area at Pier 4 of inner port.

Synutra plans to invest USD 17 million (KRW 20 billion), to commence construction in July, with the completion target set for late October.

Once the plant is built, the company, after a test operation period, will produce 20,000 tons of baby formula annually, including exports to China.

Incheon City expects the investment to generate 40 jobs, and increase freight quantity by 6,000 TEU per annum (1TEU: one 20-feet container).

Synutra is said to have made its decision to build a plant in Incheon port, in consideration of its proximity to China and non-tariff benefits in FEZ.

It already built a large-scale factory in Calais, southern France in 2016, producing 100,000 tons of baby formula per year. And it is said to be considering to build a plant-2 in Incheon port.

Kim Ki-hak from Incheon City Government said, "Synutra's investment has set a new business model that adds both jobs and freight quantity through FDI," stressing that "We will continue to endeavor to attract investment in connection with the port."

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Source Text

Source: Yonhap News (July 4, 2019)

** This article was translated from Korean.

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