The Gyeonggi Provincial delegation headed by Governor Kim Moon-soo signed an MOU with Walvoil SPA, a pneumatic valve manufacturer, for a $ 3.5 million investment in Gyeonggi Province over the next five years in a ceremony held at the Radisson Blu Scandinavia Hotel in Copenhagen, Denmark in the afternoon of June 25.

At the signing ceremony, Vice President Giorgio Bedogni and Marketing Director Maurizio Biagini of Walvoil disclosed a plan to put up a factory in the Oseong Foreign Investment Complex in Pyeongtaek, in addition to carrying out sales activities in Gwangju, Gyeonggi Province.

Walvoil Fluid Power Korea in Opo-eup, Gwangju-si has recorded steady increase in sales. In 2013, it expects to post KRW 11 billion in sales compared to KRW 4.5 billion in 2009.

“A team from Walvoil expressed interest in strengthening its presence in the province during a meeting with us in September 2012. The company president then paid a visit to the site in the Oseong Foreign Investment Complex. Soon, the Company decided to build a factory there, judging that the investment environment and growth potential are both good in Gyeonggi Province,” said Governor Kim Moon-soo.

Gyeonggi Province expects Walvoil’s new decision to bring various positive effects, such as production of Korean-made relevant parts and development of new products linking Walvoil’s technology with domestic electronic/information technology.