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Six U-turn Companies Begins Construction: Iksan

(IKSAN = Newsis) The City of Iksan held the joint groundbreaking ceremony of six companies on 5th at jewelry complex in the Iksan the third general industrial complex. The 1,000 attendants of the ceremony include Mayor of Iksan Lee Han-su, representative of the U-turn companies Koo Bonhang and local residents.

The companies will settle in the industrial site of 8,358㎡. The construction is expected to be complete in April, 2014.

Most of six companies mainly manufacture the jewelry products and export the entire stocks all over the world including the U.S., Europe and South America.

The ceremony is expected to affect the domestic companies that have settled in China and Vietnam. For instance, Companies may consider returning to Korea due to managerial difficulties caused by the changes of China’s polices on the manufacturing industry.

Ulsan forecasts that many companies will attempt to return to Korea in the next three years.

“We will spare no efforts to help companies come back to the domestic market,” said Lee. “This year will be the beginning of Ulsan’s new era as a world-class jewelry city.”

The representatives of the U-turn companies also donated KRW 10 million to Iksan Love Scholar Aid Foundation for creating employment opportunities and discovering new talent in the region.

To vitalize the city’s jewelry industry, Ulsan plans to establish the integrated industrial center to invite subcontractors and raw and subsidiary material suppliers. The city has already begun the construction of the joint research and development (R&D) center in July.

Source Text

Source: Newsis (Dec. 5, 2013)

** This article was translated from the Korean.