Busan is good

MOU signing with TAEKWANG (TK) Corporation

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On April, 17^th, at 3:00 pm, Kim Moon-Hee, Commissioner of the BJFEZA signed a Memorandum of Understanding with Mr. Yoon Seong-Duk, CEO of the TK Corporation which produces industrial equipment, such as machinery fittings, semi conductors and TFT-LCDs, in a plan to establish a factory in the second half of 2009 in the Hwajeon Industrial park of the BJFEZ totaling 89,000㎡.

 

The TK Corporation intends to invest 188 billion Korean won to produce seamless pipes at the new factory expecting to create the additional employment of 350 people. 

 

The Autohuji Company of Japan is included in the TK-BJFEZ MOU.  Autohuji has contributed 30 billion Korean won out of the total investment.  This is the typical type of foreign investment for which the BJFEZ was established to induce.

 

This follows developments made in February 2008 with decisions by LS Industrial System and its affiliated companies and a leading alternative energy company KPE to move into the BJFEZ.  LS Industrial System and its affiliated companies reserving 137,000㎡, and KPE reserving an area of 20,000㎡.  With the TK MOU signing today, the Hwajeon Industrial Park district is almost sold out. 

 

An area of almost 1,400,000㎡ has been sold out.  Out of that area; 966,000㎡ and 52,000㎡ were designated for industrial association businesses and general businesses respectively. 

 

With above developments, the BJFEZA can now concentrate on attracting foreign companies focused on high-tech industries into the 136,000㎡ Hwajeon Foreign Investment Zone (FIZ) to promote further FDI inflows and create further employment opportunities for the Busan-Jinhae area.

 

The BJFEZA will accelerate the development of the Mieum district and reduce the area of Green Belt Zones to further meet investors’ needs and to relieve the shortage of industrial park areas.

 

The source of news : BJFEZA  April 18, 2008