MOU signed between Busan City and Geislinger
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Mayor Hur Nam-sik signed a 10 million dollar Memorandum of Understanding (MOU) with Geislinger CEO Cornelius on January 26, 2012 at Busan City Hall.
Busan City will lease a 11,570 square meter area in the Mieum Industrial Complex to Geislinger for as long as 50 years with administrative support. Geislinger will invest over 10 million dollars and create jobs for about 100 employees.Geislinger was founded in 1958 and its headquarters is located in Salzburg, Austria. As a leading global supplier of couplings and dampers, the company’s sales in 2011 reached 120 billion won.
The new state-of-the-art factory which will be built in the Mieum Industrial Complex plans to provide its products to Doosan and STX Group.
Busan City has succeeded in attracting Geislinger’s investment thanks to the city’s two year effort to promote Busan’s wonderful industrial location and competitiveness, its abundant and high-quality workforce and the city’s status as the shipbuilding mecca of the world.
Busan City received 134.8 billion won ($116 million) from the Ministry of Knowledge Economy in December 2011 and the Mieum Foreign Investment Zone (331,910㎡) was set up. This is the largest amount of government support made so far to a local foreign investment zone.
A City official said, “Last year, we attracted 0.35 billion dollars of foreign capital by attracting Wilo SE and Bosch Rexroth Korea Ltd. to Busan. This is a 37 percent increase compared to the previous year.” and added, “We plan to enhance the local industrial environment and to create high-quality jobs by attracting more companies in the high-technology, and parts and materials sectors to the foreign investment zone this year.”
