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Busan-Jinhae FEZ Draws $50 Million

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The Busan-Jinhae Free Economic Zone (FEZ) Authority recently signed three investment agreements worth $50 million.
According to officials of the authority yesterday, the three investors are SJ Machinery of Japan, which wants to construct a seamless pipe factory, SS Holdings of Hong Kong, wanting to build a factory for rubber gaskets used for railroad stocks and Systrand Manufacturing of the United States, which wants to build an auto parts factory.

The agreements will secure the three investors’ land inside the Busan Science & Industrial Park for their factories.

Authority Commissioner Chang Soo-man and Mayor Hur Nam-sik signed the memoranda of understanding at Busan city hall late last month.

The authority said that the deals would result in a synergy effect by improving collaboration in research, technology sharing and greater opportunity in marketing for auto parts, manufacturing and mechanical industries in the industrial park.

The source of news : The Korea Times 02-28-2006 22:07