Busan is good

BJFEZ in Deal With US Auto Parts Maker

Contents

The Busan-Jinhae Free Economic Zone (BJFEZ) has signed a memorandum of understanding with U.S. auto parts maker Visteon for a $16 million investment in its science & industrial park.

 

Visteon, headquartered in the U.S. state of Michigan with 117 factories in 24 countries, will establish a $16 million plant on 19,800 square meters of land inside the Busan Science & Industrial Park.

 

According to the agreement, the envisioned facility will produce a range of auto parts, including instrument panels and door trim, and hire over 170 Korean employees.

 

Since 1999, the company has supplied auto parts to local automakers, including Renault Samsung Motors, and Ssangyong Motor, via its Korea subsidiary Visteon Korea.

 

BJFEZ commissioner Chang Soo-man said that Visteon’s investment will greatly contribute to transforming the zone into a hub for the auto industry.

 

He also said the BJFEZ will provide Visteon with all the necessary support needed to make the investment a success and spare no effort to attract more international auto-related companies to establish a base in the zone.

 

Chang Soo-man, right, commissioner of the Busan-Jinhae Free Economic Zone (BJFEZ), poses for a photo with Busan City Mayor Hur Nam-sik, second from left, and Brian Tait, third from left, director of Visteon’s Asia Operation Support, after signing a memorandum of understanding (MOU) at Busan City hall, Friday. Under the agreement, the U.S. auto parts maker will invest $16 million to build a plant inside the zone and hire over 170 Korean workers. Courtesy of BJFEZ Authority

 

The source of news : The Korea Times 10-19-2006 19:47