German ENVIO to invest US$20 million into Gyeonggi

On February 26, at the provincial conference room, Gyeonggi entered into MOU with ENVIO, the world famous German environmental protection company agreeing to make an investment of US$20 million into Gyeonggi.

Upon this MOU, ENVIO will establish a PCB Disposal Facility at Poseung of Pyeongtaek to decontaminate pollutants produced from the transformers, which is slated to start construction from April and to be completed by February 2008, allowing the operation to start from the upper half.

ENVIO, having its head quarter located at Dortmund which takes approx. 2 hours of travel from Koln and being separated in 2003 from the Environment Business Division of ABB the global company named for electricity, power generation and etc., became very well known in the world for its environment protection and recycling operations, boasting of its wide network of environmental service facilities in 40 countries.

Further to ENVIO’s PCB Disposal Facility, Gyeonggi is expecting to bring ENVIO’s other excelling technologies in water treatment, soil pollutants removal, shipping environment facility and etc., which will aid in improving competitiveness in the environmental industry.

This PCB, also called Polychorinated Biphenyls, is used to increase insulation temperature of the various electrical appliances, which is appeared to be very harmful to nature.

Whereas there is no such facility to handle PCB materials in Korea pursuant to the standards given by the Ministry of Environment, this ENVIO¡？s agreement to share their world proven technologies with Gyeonggi will give a very significant impact in the related industry.

It became obligatory for Korea to properly dispose and treat any persistent organic pollutants upon the joining of the Stockholm Convention in 2004. Approx. 3,600,000 transformers producing PCB materials can be found in Korea including 1,600,000 transformers used by Korea Electric Power Corporation, which all, from now on, should be handled with this imported technology as compulsory.

As domestic economical environment is experiencing continuous changes started with the 4th Popular Election, Gyeonggi is exerting utmost to diversify its strategies in inducing foreign investment and etc. And this successful MOU with ENVIO is considered to be a very good start for Gyeonggi in doing foreign investment inducement