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4 Companies to Invest in Jeonbuk

(JEONJU = Newsis) Four companies, including the advanced materials manufacturer ABC Nanotech Co., Ltd., pledged to make a KRW 45 billion investment in the North Jeolla Province.

Jeonbuk announced on March 13 that it held a signing ceremony and concluded an investment memorandum of understanding (MOU) with ABC Nanotech Co., Ltd., export-oriented company Samshin Limited, Seonghyun and Philosys at the office of the Administration Agency of Gunsan Free Trade Zone (FTZ).

The Gunsan FTZ is a special trade zone designated by the Ministry of Trade, Industry & Energy. Aiming at promoting foreign investment and trade, the FTZ houses foreign-invested companies or domestic companies that export more than 50 percent of their sales for the last three years, and provide various types of incentives including exemption and deduction of customs, corporate tax and value-added tax.

The companies will invest a total of KRW 45.1 billion for the next three years in the FTZ’s 57,109m2 sites. The investment is expected to play a vital role in improving local economic climate and generating more than 300 employment opportunities.

ABC Nanotech Co., Ltd. is a raw material-oriented company that produces silica powder, silicone resin powder and others. It will invest KRW 10.5 billion and hire 70 employees.

Seonghyun produces electrical equipment, chemical machinery and industrial machinery, and it will invest KRW 15 billion and hire 100 employees.

Philosys, which moved its business to the FTZ, will invest KRW 2.1 billion to hire 50 employees. The company produces medical equipment including the blood glucose monitoring device.

Samshin Ltd. relocated its business from Pyeongtaek-si to the FTZ in 2012. The company plans to invest KRW 7 billion and hire 100 employees to meet the growing demand of its products.

“These companies export most of their products to overseas markets,” said an official of the province. “The province and relevant authorities will support the companies to grow more going forward.”

Source Text

Source: Newsis (Mar. 13, 2014)

** This article was translated from the Korean.