Japanese high-tech enterprises are rushing to move into the Gyeonggi area. 

Governor of Gyeonggi Province, Hak-kyu Sohn plans to visit Japan next month to make contracts with Japanese enterprises. The outcome of Japanese companies entering moving to Gyeonggi-do will create about 600 jobs this year and within 3 to 4 years, about 3 thousand new employments is expected to be created. 

The Gyeonggi-do government announced on the 25th that, “On purposes of making contracts and holding investment conferences with Japanese enterprises in relation to moving into industrial complexes within the Gyeonggi-do area, Governor Sohn will lead a delegation party and visit Japan through February 16 to 18.” 

During the short visit, Gyeonggi-do representatives are expecting to meet with about 10 Japanese enterprises specialized in LCD components, equipment and automobile parts, to hold investment consultations and conclude agreements. 

Two Japanese companies, company N and O has already concluded residential contracts with representatives from Gyeonggi-do. 

Company N plans to start building its factory during the first half of this year after concluding a residential contract to move in to the Hyeongok Industrial Complex located in Pyongtaek. This new factory is expected to start operation in October and 44 million dollars will be invested on the 22 thousand pyeong ground and will also create job opportunities of about 300 this year. 

Company O which manufactures small-sized LCDs will also start construction in February after finalizing contracts and start production in Korea in July. 6 million dollars will be invested on the 4 thousand pyeong building site and is expected to create employment for about 300 people. 

In addition, Gyeonggi-do has concluded an six LCD enterprises including company A has contracted MOUs (Memorandum Of Understanding) and also received LOIs (Letter of Intent) from another two enterprises including company B. 

A small number of CEOs of unspecified enterprises will be invited to an investment convention where the investment environment in Gyeonggi-do will be explained during the visit. 

The president of Sumitomo Corp. plans to present the delegation party with an appreciation plaque to express gratitude of the meritorious services for leading Nong Shim Co., Ltd. into exchanging its factory site for Sumitomo to move into the Poseung Industrial Complex. Sumitomo plans to invest 500 million dollars for its new plant. 

A Gyeonggi-do official says, “The entire agenda of the visit Japan will be organized for investment conferences only and creating employment through investment.” He also added, “Number of Japanese enterprises requesting for building their site in Korea is increasing and estimates say that about 3 thousand job opportunities will be created within 3 to 4 years.” 

Source: The Kyeongin Ilbo, January 26, 2004