On the morning of Dec. 3, the Provincial Governor of Gyeonggi-do Hak-kyu Sohn and the Major of Paju Joon-won Lee, CEO of LG.Philips Bon-joon Koo and Ron H. Wirahadiraksa CFO have signed an investment agreement at the Gyeonggi Small & Medium Business Center in Suwon. The agreement contains contents of constructing a TFT-LCD (liquid crystal display) factory in the LCD local industrial complex located in Paju starting June next year. 

Through the conclusion of this investment agreement, LG.Philips LCD will construct the largest TFT-LCD production establishment and corresponding facilities in the world during the second quarter next year. Gyeonggi-do has agreed to provide infra facilities such as roads, electricity, water supply, gas and other matters required to for the operation of the establishment until June of 2005, which is one year earlier than planned. In addition, a 500,000 pyeong industrial complex is planned to be additional created for enterprises related with TFT-LCD components and equipments may establish their industry in Korea. 

Gyeonggi-do, Paju-si and the Gyeonggi Local Corporation are actively supporting the Paju LCD local industrial complex after the initial conclusion of the investment agreement with LG.Philips LCD during last Feburary. The total procedure of designating basic planning and up to assigning development areas was expected to take 2 years but has already completed only within 6 months, last July. 

Currently all procedures including the compensation of land (55% completed up to Nov. 29) and research on cultural assets are smoothly under process. And if there are no other obstacles, actual approval of enforcing plans will be completed in March next year and construction work will start during the second quarter next year according to schedule. 

Into consideration of the duration from planning till approval of establishing an industrial complex normally takes about 5 years, the establishment of the Paju Industrial Complex is the shortest promotion in history.