Gyeonggi induced investment amounting US$3 million from Kaeser
– First MOU to be signed in 2007

On Feb. 01 at 10 AM, Gyeonggi entered into MOU with Kaeser, the world famous industrial compressure manufacturer to build a new production plant.

Kaeser, with its US$3 million of investment, will start its construction work from April to build a new plant at the Foreign Investment Company Complex of Hyeongok in Pyeongtaek which will be completed by February 2008 so therefore, they will be able to start production within the upper half.

Air compressure is an equipment compressing the air by pressure higher than the barometric pressure. Within just 8 years of market penetration, Kaeser succeeded in taking 10%M/S and ranked 2nd in the air compressure industry aided by its high-tech production system that allows more than 30% fuel save compared to other competitions and low pollution emission. Upon the operation of its new plant at Hyeongok, Kaeser will experience a big jump in its business.

Apart from this MOU with Kaeser, Gyeonggi is now slated to enter into the other 2 different investment agreements, which enlightens us that Gyeonggi’s investment inducement project will see another good result this year.

“Having Kaeser company here in Gyeonggi, who boasts of a worldwide technology and quality competitiveness, will give a great energy to grow and improve Korea’s core industries such as semi-conductor, auto mobile and etc. which were up until now been depended on the overseas manufactured products.”, said the provincial governor Kim.

“The products we are going to have from this plant at Hyeongok are the compressures used for semi-conductor, auto mobile, medicine, textiles, ship and etc. By providing great products at low cost in a much faster time-frame, we will be able to take part in to improve competitiveness of the related products of Korea.”, added by Mr. Bachmeier, the president of Kaeser Asia Market.

Gyeonggi has exerted a great effort to bring Kaeser into the region by amending the requirement standard for Kaeser to reside into the Foreign Investment Complex upon the negotiation with the Ministry of Commerce, Industry, and Energy. Also, from February last year, the local government conducted several negotiations and company visits to make this investment deal with Kaeser successful