President Seong-Bae Kim of the Yellow Sea Free Economic Zone entered into an MOU worth USD 30 million with C, the Philadelphia-based retailer, on November 11, 2009, during an investment attraction visit to the US that took place from November 8 to 15.

A retailer of agricultural, livestock and frozen food products, C showed high interests in the Poseung District of Yellow Sea Free Economic Zone, which is equipped with a rich logistics infrastructure that includes Pyeongtaek Port, Dangjin Port and the West Coast Expressway, as well as the Seoul Metropolitan Area, the largest consumer market in Korea.

As the Province has also entered into an MOU with C, the total contracted amount has reached USD 70 million. In August and October of this year, the Province also entered MOUs with Ambassador Hotel and Pinster Baldur, the German-based bio energy facility R&D service provider. But this particular MOU is quite meaningful, as it is the first FDI secured by Poseung District, following Songak District’s FDI from Ambassador Hotel.

A spokesperson for the Yellow Sea Free Economic Zone said, “We have built a firm foundation for FDI attraction by preparing regulations and institutions, and we now plan to focus on attracting foreign investors. I expect that the efforts for FDI attraction will be accelerated in the future.”