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According to Yonhap News,
On October 18, the Saemangeum Development and Investment Agency (SDID) said that they visited Group T in Suzhou, China, and received a Letter of Intent (LOI) on new investment through a meeting with the Group's chairman.
It will be the second solo investment by a Chinese company after Xiamen Tungsten.
Group T is a Chinese high-tech company with 11 subsidiaries and research centers and capable of producing various products such as telecommunications, medical, automobiles, and electric tools.
According to SDID, Group T is planned to invest USD 20,000 by 2026 to build a plant to produce electric tools and medical devices in Saemangeum National Industrial Complex.
Group T made this decision, reportedly, when it visited Saemangeum in April and deliberate on investment conditions including tax benefits.
SDID said that "we welcome the investment by a Chinese company", adding "we will provide every support we can so that the company can grow together with Saemangeum."
doo@yna.co.kr
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Source: Yonhap News (October 18, 2024)
** This article was translated from Korean.