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Ulsan Attract FDI of USD 220 Mn in 1st Half of Year

(ULSAN=NEWSIS) The City of Ulsan announced on July 4 that the foreign direct investment (FDI) (notification basis) recorded USD 220 million, a steep increase from the same period last year (USD 1 million).

It is expected that the FDI will increase when the City becomes the Northeast Asia’s oil hub, participates in a joint investment project in relation to the amended Foreign Investment Promotion Act for granddaughter companies and promotes high-tech chemicals advancement project.

FDI in Ulsan exceeded the USD 4 billion mark for the first time in the first half of the year since the 1970s when the FDI statistics were first conducted.

Japan’s Kuraray Korea (PVB film for automobiles) invested in USD 22 million (5. 21.) in Ulsan for the first time while INITZ (Polyphenylene Sulfide), a joint project between Japan’s Teijin and Korea’s SK Chemicals, SMP (Polysilicon), a joint venture between the U.S.’ SunEdison and Korea’s Samsung Fine Chemicals and PPG SSC (ship paints), the Netherlands’ Sigma Marine and Samsung Fine Chemicals increased their investment to USD 15 million (3. 31.), USD 140 million (5. 27.) and USD 35 million (5. 28.), respectively.

The City will support joint investment between global companies at home and abroad due to the extended investment conditions such as amending Foreign Investment Promotion Act for granddaughter companies, building Ulsan free trade zone and creating Ulsan as the Northeast Asia’s oil hub. Also, it will carry out PR and marketing activities along with strategic investment attraction activities to increase the FDI.

The City will focus on developing large-scale investment projects of more than USD 100 million and establishing a mega project promotion team with the Ministry of Trade, Industry & Energy (MOTIE), KOTRA, project departments, companies and relevant organizations to hold investment conferences for foreign investors, send investment attraction team abroad and execute various strategic investment attraction activities.

The City will create a T/F Team for projects with detailed investment plans to seek measures to support investment through investment counselling and resolve issues for successful investment attraction.

The City will find measures to extend the FDI sectors from petrochemical manufacturing to logistics, renewable energy, tourism and bio through the FDI strategic meeting that was launched in the first half of the year.

The City will strengthen its organic investment cooperation system with MOITE, KOTRA, the Korea National Oil Corporation (KNOC), the Administration Agency of Ulsan Free Trade Zone and overseas chambers of commerce in Korea to promote FDI by attracting large-scale investment projects and discovering potential investors.

Source Text

Source: Newsis (July. 04, 2014)

** This article was translated from the Korean.