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NKCF Co., Ltd. Ground-breaking Ceremony

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NKCF Co., Ltd. Ground-breaking Ceremony: The First Company Begins Construction within the Busan Science & Industrial Park

Contact:
Jonathan Lee, High-Technology Industries, 051-979-5310
Jodi Kiely, Public Relations, 051-979-5334

November 21, 2005, Busan, Republic of Korea: NKCF Co., Ltd., the first company to begin construction within the Busan Science & Industrial Park, will hold its ground-breaking ceremony on November 22 at 2:30 p.m. within the Jisa Foreign Investment Zone (Jisa FIZ) at Block 2, the site of their new facilities. A total of 300 people are expected to attend including Busan Mayor Hur Nam-Sik, Busan-Jinhae FEZ Authority Commissioner Chang Soo-Man and CEO of MSC Helmute Korte.

NKCF Co., Ltd.,  is a joint venture creation between NK of the US and MSC of Korea. Their investment within the Busan-Jinhae Free Economic Zone includes plans to construct a compressed gas tank factory as well as a facility that produces natural gas tanks for vehicles. The total FDI amount of their investment is US $24 million.

Their facilities within the Jisa FIZ will cover a total land area of 66,000 m2 and a floor space of 32,403 m2. The construction of their site is scheduled for completion in 2007 yet they will begin producing from their Jisa factories by the end of 2006. NKCF intends to hire a total of 400 employees from the Busan area to work at their new factories.

The Authority expects tomorrow’s groundbreaking ceremony to accelerate the investments of the five other foreign companies who have signed Memorandums of Understanding to also enter this area (Balzers, AMT, CGVI, SKF and Ezumi.)

The Jisa FIZ within the Busan Science & Industrial Park is nearly full with 42 out of 73 acres already signed for leaving 30 remaining. This latest ground-breaking event is also expected to generate more investment fromother interested foreign companies.

The source of news : BJFEZ  2005.11.21