Gyeonggi Province, Pyeongtaek City and Valqua Industries sign MOU; additional investment of USD 670 million by 2020

◇ Gyeonggi Province Governor Nam Kyung-pil, Valqua Industries CEO Takisawa Toshikasu (center), and Pyeongtaek City Vice Mayor Jeong Sang-gyoon signed an MOU for additional investment from Nippon Valqua Industries on June 2 at Valqua Korea’s factory at the Oseong Industrial Complex in Pyeongtaek. ⓒ Gyeonggi G-News Heo Seon-ryang

Japanese semiconductor parts producer Valqua Industries is set to invest USD 6.7 million (approximately KRW 7.4 billion) by 2020 in the construction of a second factory near its existing factory site in the Oseong Industrial Complex in Pyeongtaek City, Gyeonggi Province. 

Gyeonggi Province, Pyeongtaek City, and Valqua Industries signed an MOU regarding additional investment and agreed to related items on June 2 at Valqua Korea’s factory in the Oseong Industrial Complex in Pyeongtaek. 

More than 20 guests including Gyeonggi Province Governor Nam Kyung-pil, Pyeoktaek City Vice Mayor Jeong Sang-gyoon, Valqua Industries CEO Takisawa Toshikasu, Valqua Korea CEO Katsutoshi Fuseya, Japanese Ambassador Bessho Koro, Gyeonggi Provincial Assembly Member Yeom Dong-sik (Saenuri Party, Pyeongtaek), and International Relations Ambassador Yang Chang-soo took part in the signing ceremony. 

In his address, Governor Nam Kyung-pil said, “Valqua Industries is a pioneering company in seal engineering and a global corporation that has contributed to industrial development around the world. I am very pleased and grateful that investments will be made in Gyeonggi Province for the first time since Valqua’s initial factory was built in 2011.” Governor Nam added, “This investment will be an opportunity to further develop our domestic semiconductor industry, and we hope that Valqua Industries will grow as a global corporation together with Gyeonggi Province and Pyeongtaek City.” 

Governor Nam also said, “The decision by Valqua Industries to inject additional investment proves that corporations sense and recognize the superiority of the investment environment in Gyeonggi Province.” He continued, “With this additional investment, I hope more Japanese companies will undertake expanded investment in Gyeonggi Province. Based on the Korean-Chinese FTA, Gyeonggi Province will spare no effort in supporting cooperation between Japanese companies and Korean counterparts, and will help them enter the Chinese market together.”

CEO Takisawa Toshikasu said, “This year marks the 50th anniversary of diplomatic normalization between Korea and Japan, and it is even more significant since we are prepared to add our second factory. I convey my gratitude to everyone in the Gyeonggi Provincial Government and Pyeongtaek City who helped us invest in Pyeongtaek, a city that offers outstanding geographical conditions and an abundance of talented labor.” Takisawa added, “Once the factory is complete, we will develop leading products that will contribute to vitalizing the economy of Gyeonggi Province and Korea.”

◇ Governor Nam Kyung-pil said, “This investment will be an opportunity to further develop our domestic semiconductor industry, and we hope that Valqua Industries will grow as a global corporation together with Gyeonggi Province and Pyeongtaek City.” ⓒ Gyeonggi G-News Heo Seon-ryang

According to this agreement, Valqua Industries will invest an additional USD 6.7 million by 2020 to build a factory on a site of 5723.9㎡ near its existing factory in the Oseong Industrial Complex. The factory will produce elastomer seals for semiconductor equipment; Gyeonggi Province expects this will contribute to the vitalization of domestic semiconductor-related industries and also stimulate employment. 

Gyeonggi Province and Pyeongtaek City will offer assistance including the administrative support necessary for the construction of the factory and the resolution of various difficulties so as to ensure successful investment and production by Valqua Industries. 

Nippon Valqua Industries is a large corporation that employs 1658 personnel. As of March 2014, Valqua recorded sales of JYP 40.021 billion. It is a global corporation with six subsidiaries in Japan and another six subsidiaries overseas. Valqua Korea was established in 2004 by Nippon Valqua Industries for importing and exporting high-functioning elastomer products (a high polymer material with elasticity in room temperature; used in components for semiconductor production equipment).

Valqua Industries signed an investment agreement in 2011 at its Tokyo head office and built a factory in the Oseong Industrial Complex of Pyeongtaek City to produce seals for semiconductors in Korea. Previously, all such seals were imported. The additional investment decision was made in line with increased investment by companies in domestic semiconductors including the establishment of the Godeok Industrial Complex by Samsung Electronics and the Jinwi 2 Industrial Complex by LG Electronics.

The Oseong Industrial Complex in Pyeongtaek City is a renowned semiconductor and LCD cluster in Gyeonggi Province that is more than 70% occupied by Japanese semiconductor and LCD companies centered on the nearby Hyeongok Industrial Complex. Given the large-scale investment from Samsung Electronics and investment in the Jinwi area by LG Electronics, competition among foreign corporations to enter the cluster is intense. 

◇ Governor Nam Kyung-pil, CEO Takisawa, Vice Mayor Jeong Sang-gyoon, and other guests at the MOU signing ceremony ⓒ Gyeonggi G-News Heo Seon-ryang

ⓒ Gyeonggi G-News | Roh Kyeong-hee khrohh@kg21.net 

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