Busan is good

Foreign firms gather in Busan

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IPK's headquarters and Kongsberg find new homes in the city

Busan's economy is booming as the city attracts major foreign companies to the region.

The Netherlands-based multinational marine coatings supplier International Paint Korea has relocated its local headquarters to Busan, while Norway-based marine electronics manufacturer Kongsberg Maritime Korea Ltd. established a new plant in Busan's Jungkwan Industrial Complex.

■ International Paint Korea

On Dec. 5, 2007, Busan City signed a memorandum of understanding with IPK to move the company's head office to Busan from Anyang, Gyeonggi Province. The company's relocation is scheduled to be completed by the end of February.

IPK also plans to relocate four to five non-metallic and chemical-related raw and subsidiary material producers to Busan from the Seoul Metropolitan Area. IPK is a global leader in the maritime coatings industry with annual sales of 240 billion won ($260 million). The company is expected to create 400 jobs and generate annual sales of 240 billion won.

■ Kongsberg Maritime Korea

The world's leading marine electronics manufacturer Kongsberg celebrated the completion of its new plant in Jungkwan Industrial Complex on Dec. 5. Kongsberg produces various marine electronic equipments, including ship automation, cargo controls, navigation systems, and central controlling systems.

Having completed its five-story plant with foreign capital of 7.2 billion won ($7.8 million), Kongsberg Maritime Korea plans to increase its workforce to 190 employees from 133 by 2011. The company recorded annual sales of 66 billion won ($71.8 million) last year alone.

The source of news : Dynamic Busan