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Saemangeum Becomes Foreign Investment Zone

(JEONJU = Newsis) Saemangeum Industrial Complex (SIC), an industrial base which the Japan’s advanced material company TORAY confirmed to make an investment worth KRW 300 billion, was designated as a foreign investment zone.

A total of 214,951 sites in which TORAY plans to build its plant was designated as the foreign investment zone, according to an announcemsent of the North Jeolla Province (Jeonbuk).

TORAY plans to establish its PPS (Polyphenylene Sulfine) resins plant over 2 stages in SIC until 2018.

The first stage, which will commence at the end of this month, will aim to complete its construction in the second quarter of 2015. The plant is expected to produce annual volume of 8,600 tons PPS resins, and additional facilities will be developed within the plant to increase the production up to 20,000 tons.

The province expects that once the operation of the plant commences it will be the first PPS plant in the world to have the entire process of PPS production including PPS material, PPS resins and PPS compound procedures.

“With the decision to make the complex a foreign investment zone, TORAY will be able to use its land without charge and its national and local taxation duty will be exempted for seven -100 percent for the first five years, and 50 percent for the rest- and 10 years respectively,” said an official of the province.

TORAY concluded an agreement in the last month with the city of Gunsan and other parties to invest some KRW 300 billion in the complex.

Source Text

Source: Newsis (Dec. 9, 2013)

** This article was translated from the Korean.