Busan is good

Busan City and Bosch Rexroth Korea, Ltd. sign MOU

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Mayor Hur Nam-sik signed a 20 million euro Memorandum of Understanding (MOU) with Bosch Rexroth Korea Ltd., CEO Han Sang-guk on March 21, 2011 at Busan City Hall.  

 

With the MOU, Bosch Rexroth Korea Ltd.,, a wholly owned subsidiary of Bosch Rexroth AG, will move its factory in Dadae-dong, Saha-gu to the Mieum Parts Industrial Complex (MPIC) of the BJFEZ (Busan-Jinhae Free Economic Zone).

 

Busan City will lease 44,379 square meter area in the MPIC to Bosch Rexroth Korea for as long as 50 years with administrative support. Bosch Rexroth Korea will invest over 20 million euros and create jobs for about 300 employees.  

 

The Bosch Group is a leading global supplier of technology and services. In the areas of automotive and industrial technology, consumer goods and building technology, some 285,000 associates generated sales of over 46.3 billion euros.

Bosch Rexroth Korea Ltd., was established in 2001, with sales in 2010 reaching 11.75 billion won. The products from the new factory in the MPIC will be supplied to Hyundai Heavy Industries, STX Metal and Doosan Heavy Industries & Construction.

 

The MPIC is an industrial complex of 328,000 square meters, which will be established at the end of 2011. BJFEZ is currently constructing the complex, which has already been half completed. The agency plans to make the complex a specialized foreign investment area, and is in talks with the central government regarding the issue.

 

In March, Busan City has also signed MOUs with Wilo SE, the Institute of Biotechnology at the Technical University of Berlin, and the Korean-German Chamber of Commerce and Industry (KGCCI) to expand exchanges with Germany. 

 

A City official said, “Before the Korea-EU Free Trade Agreement takes effect, outstanding parts and materials companies, research institutes, and a university in Germany have been successfully attracted to Busan. Therefore, we expect more diversified and activated exchanges between Korea and Germany from now on.”