The Gyeonggi Delegation for Investment Attraction headed by the Governor Sohn Hak-kyu succeeded in winning promises for investment in the province from eight big-name hi-tech businesses in the U.S., including Intel and 3M, from a series of meetings held in San Francisco, Los Angeles and New York on a six-day tight schedule.

The businesses that gave a promise for investment are Intel, Photon Dynamics (an LCD inspection equipment manufacturer), Danaher (an FPD inspection equipment manufacturer), Honeywell (a car engine parts manufacturer), Axesstel (a wireless communication equipment business), 3M (an LCD optical film manufacturer), Lexon (a probe card manufacturer) and Prax air (a manufacturer of special gas for industrial purpose).

Intel plans to establish a 4,000 m²-sized R&D center for research of hi-tech wireless telecom technology and next-generation platform required for contents distribution and use in Bundang, Seongnam this year. Photon Dynamics and Danaher plan to build a FPD inspection equipment factories on a 5,000 m² site in the Hyeongok Complex in Pyeongtaek and on a 1,700 m² site in the Sihwa Complex by investing $18 million and $8.1 million, respectively, in the first half of this year.

Other investment plans in the province by U.S. companies include:
-Honeywell/$35 million/a16,530 m² site/in the Jangan-1 Complex in Hwaseong/a turbocharger factory
-Axesstel/$40 million/in Bundang, Seongnam/a CDMA research facility
-Lexon/tens of millions dollars/the Jangan Complex in Hwaseong/a probe card production facility
-3M/$60 million/the Jangan Complex in Hwaseong /a 9,900 m² site/an LCD optical film production facility
-Praxair/$170 million/in Yongin/a special gas for industrial purpose production facility

The province’s delegation signed MOUs with the eight U.S. businesses for investment of a total of $381.1 million in building production and R&D facilities in the province.

In addition, Governor Sohn Hak-kyu held an explanatory meeting in San Francisco for 50-plus prospective investors from Silicon Valley and asked U.S. businesses gathered at the export business session to buy more goods produced in his province.

The delegation expects that about 5,000 jobs (1,350 jobs for direct employment and 3,516 jobs for indirect employment) will be generated as a result of their visit to the U.S. this time and the U.S. businesses’ investment in the province will go a long way in solidifying the groundwork for the nation’s technology in hi-tech sectors, such as semiconductors, digital mobile telecom, core LCD parts.

The province has made all-out efforts for attraction of investment from big-name hi-tech businesses, including visits to Europe and the U.S. on three occasions this year. As a result, it succeeded in attracting a total of $600 million from 16 businesses this year alone. Under the leadership of Mr. Sohn Hak-kyu, the third directly elected governor, the province has attracted a total of $12.59 billion from 70 businesses.

At this rate, the target for attraction of hi-tech businesses’ investment in the province ($2 billion) set at the beginning of the year appears not to be so difficult to attain, despite the skepticism expressed by some people.

Governor Sohn Hak-kyu said, “We will continue to make efforts to solidify the economic basis for affluent life for our descendants. Our efforts will be focused on building the best knowledge-based industrial belt in the Pangyo-Bundang-Suwon area by attracting first-rate businesses. We will strive to create good-quality jobs for our youths.”

The delegation headed by the Governor returned home on March 12 after successfully concluding the tour for attracting investment in the province.