Release Date: December 10, 2009
Source: Investment Support Division (031-249-2763)

On December 10, 2009, Gyeonggi Province hosted an investor briefing with over 200 CEOs and executives of foreign-invested businesses, and concluded investment agreements worth USD 1.12 billion with three foreign companies.

During the briefing, which was held at the Ramada Plaza Suwon, Gyeonggi Province captured the interest of participants by providing practical information for the benefit of foreign-invested companies, including details on the government’s diverse policies to support the successful operation of foreign-invested companies, guidelines on various tax incentives, and measures to prevent labor-management conflict.

Gyeonggi Governor Kim Moon-Soo said, “The success of foreign-invested firms in Gyeonggi Province is the best tool for attracting further investment. Close cooperation between the government and businesses will result in the improvement of the investment environment. I will strive to create a virtuous circle of investment, in which close cooperation between government and industry leads to prosperity for the investors and the expansion of investments.”

The province also entered into MOUs with Nesscap Incorporated, the second-largest super capacitor manufacturer in the US market, and Metalfit Korea, a manufacturer of head gaskets for car engines. The MOUs with these two companies are worth USD 6 million each and USD 12 million collectively.

The province signed LOIs worth USD 1 billion for the development of an apartment-type plant located near a subway station in Gwangmyeong City with ChinaTel Group, a leading real estate development and investment firm.

Under the LOIs and MOUs, state-of-the-art apartment-type plants, R&D centers and officetels will be built near Gwangmyeong Station (Gwangmyeong Techno Valley), and an ‘LED Cluster’ will be completed by attracting international companies to the LED industry. The new plans will facilitate the development of the zone near Gwangmyeong Station, which has long been a goal for Gwangmyeong City, and lay the foundation for a new growth engine cluster in Western Gyeonggi area.

A spokesperson for the province said, “Close cooperation and strengthened ties with foreign-invested companies are particularly meaningful considering that the expansion of investments exceeds 60% of the national investment amount. The province will be making efforts through many different avenues to ensure close cooperation between the government and the foreign-invested businesses, and will improve the investment environment by promoting an exchange of information with foreign-invested firms.”