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Toray to Move in Saemangeum

(JEONJU = Newsis) Japan’s Toray Industries Inc., Japan’s leading advanced material company, will move into Saemangeum Industrial Complex.

The North Jeolla Province (Jeonbuk) announced on January 9 that Toray and the province signed a contract that allows the company to move into the site of 215,000m2 in Saemangeum Industrial Complex.

Toray Industries Inc. will be the first foreign company to move into Saemangeum Industrial Complex. The company concluded an investment agreement with Jeonbuk two months ago.

The site in which Toray Industries Inc. will move in was designated by the Foreign Investment Committee as a foreign investment zone in last December.

Toray Industries Inc. also applied for the land use to KRC, and it will commence the construction soon as it obtains approval from KRC.

Toray Industries Inc. plans to invest a total of KRW 300 billion over three stages by 2018 to construct a plant that produces Polyphenylene Sulfide resin.

“The conclusion of the contract is expected to provide an opportunity to revitalize investment in Saemangeum Industrial Complex and improve the local economy by developing the advanced materials industry of Jeonbuk,” said an official of Jeonbuk.

Source Text

Source: Newsis (Jan. 9, 2014)

** This article was translated from the Korean.