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Authority signs investment MOU with Chokwang Jotun

Contents

Authority signs US $29 million investment MOU with Chokwang Jotun Ltd.

 

 

 

Frankfurt, Germany, November 16, 2006 - The Busan-Jinhae Free Economic Zone Authority signed an investment Memorandum of Understanding (MOU) worth US $29 million at the Stargenberger Hotel in Frankfurt, Germany with Jotun A/S, an internationally renowned Norwegian marine coatings manufacturing company. The agreement was for space within the Jisa Foreign Investment Zone which is located in the Busan Science & Industrial Park.

 

Based out of Sandefjord, Norway and established in 1926, Jotun A/S has been concentrating on manufacturing special c oating materials for housing, shipbuilding, and industry such as antifouling paints, anticorrosive paints, powder coatings, etc. The company has 61 branch offices and 36 factories in 40 countries. Its annual sales reached US $1 billion last year.

 

Chokwang Jotun, jointly established in 1988 by Jotun A/S and Chokwang Paints Co. has retained superior high manufacturing technology and environmentally-friendly marine coating materials. It has supplied products to the main domestic shipbuilding companies including STX Shipbuilding, Hanjin Heavy Industry & Construction, Hyundai Heavy Industry, and Shina Shipbuilding.

 

According to the MOU contents, the joint venture company will invest total US $29 million by November 2006 and establish a factory which will produce special coating materials applicable for shipbuilding and its maintenance industry. The Busan-Jinhae Free Economic Zone Authority and Busan City Government will provide the financial assistance such as tax benefits and all administrative support needed to establish a new factory.

 

This investment brings the total FDI amount into the Foreign Investment Zone of the Busan Science & Industrial Park to US $271 million coming from 12 international companies. The park is expected to greatly contribute to the local economy by creating new employment opportunities and further developing the area’s related industries.

 

The source of news : BJFEZ  2006.11.20