– Making cooperation with Siemens and Fraunhoff 

Gyeonggi Provincial Office’s team headed by Governor Sohn Hak-kyu will be engaged in five-day (i.e. September 5 through 9) activities for attraction of European investors, particularly those in Germany and the U.K. 

Through the activities designed to create jobs and invigorate the local economy, the team plans to be engaged in investment negotiations with seven world-class businesses for deals worth $327 million. 

It is expected that the activities carried out by the team, including Mr. Lee Hwa-soo, KCTU’ Gyeonggi Province Chapter’s representative and provincial councilors, will bear fruitful results. 

During the visit, the team also plans to make investment agreements with world-famous businesses, such as Siemens (the world’s 22nd largest business selected by Fortune in terms of sales) and Fraunhoff (a research institution specializing in next-generation display devices) both of Germany, in addition to holding an explanatory meeting for potential investors in Munich, Germany. 

The team will also sign an investment MOA for a $200 million deal concerning investment in an automotive parts business with Siemens VDO of Germany and investment MOUs worth $127 million in total with six businesses, including Johnson Matthey of the U.K.. 

Since Mr. Sohn Hak-kyu’s inauguration as the Governor, the provincial office has created a total of 60,000-plus jobs (26,000 directly and 34,000 indirectly) by successfully having 81 hi-tech businesses, including LG-Philips LCD, invest a total of $13.2 billion, so that the province may cause a shift in its core industry to highly sophisticated manufacturing. 

The provincial office plans to make continued efforts to attract core parts businesses (such as semiconductors, TFT-LCD, display devices, pharmacies, bioscience etc) and world-class R&D facilities as part of its efforts to play a leading role in building national competitiveness by fully utilizing highly-skilled manpower and relevant infrastructure in Seoul and its vicinity.