Gyeonggi-do signs 20 mil. USD investment agreement with US automotive part manufacturer.

Governor Kim Moon-soo successfully attracts investment to Pyeongtaek Industrial Complex for the car part industry.

Gyeonggi-do concluded an investment agreement worth approximately 20 million USD with an automotive part manufacturer in the US in a simple signing ceremony.

Gyeonggi-do Governor Kim Moon-soo, who is currently visiting the US, signed a three-party investment MOU on March 26 with Larry Winget, chairperson of JVIS, and You Ki-duck, president of Duckil Industry Co., Ltd., at the headquarters of JVIS located in Sterling Heights, Michigan. 

According to the agreement, JVIS will invest 5 million USD for the expansion of the production line of Duckil in Pyeongtaek Industrial Complex to help the latter increase its supply quantity and hire 200 new employees.

With the 5 million USD from JVIS and 15 million USD from Duckil, a total of 20 million USD will be used for expanding the factory, enabling Duckil to double its efforts in the production and supply of parts to automotive companies such as GM and Chrysler. The parts include air conditioning equipment, light button, in-car wireless charging device, etc.

JVIS and Duckil also signed another contract to supply products amounting to 120 million USD, thereby adding more significance to the three-party investment MOU.

JVIS’s revenue for 2013 was pegged at 237 million USD. Located in Sterling Heights, which is close to Detroit, the heart of the US automotive industry, the company is one of the main parts suppliers for complete vehicle companies such as GM and Chrysler.

This MOU is meaningful since it is a joint investment with a purchaser for purposes of technological development and quality improvement instead of mere purchasing. 

It is also expected to lead to a dramatic increase in investment cases and purchasing contracts for other car part manufacturers in Gyeonggi-do. 

“The automotive industry accounts for more than half of the companies in the province. The government will spare no effort in providing administrative support to JVIS and Duckil for greater growth,” Governor Kim Moon-soo said.