– Gyeonggi Province enters into MOU of USD 146 million with Envio, VCST, and Faurecia
– Gyeonggi Province plans to benchmark premium cities like Dubai

Gyeonggi Province unveiled its plan to actively engage in the development of new premium cities. The efforts of the Province include the attraction of investment from renowned European companies such as Envio, VCST, and Faurecia to create jobs, and a field trip to a large-scale development site in Dubai, UAE.
The Gyeonggi Province delegates, to be led by the Gyeonggi Governor, Kim Moon-soo, will visit the UAE, Germany, Belgium, and France to capture European markets between June 8 and June 16. Chairman Lee Hwa-soo from the Federation of Korean Trade Unions and committee members of the Gyeonggi Provincial Council will join the delegates to induce more foreign investment.
The delegates will meet representatives from 18 companies through three meetings on investment contracts, two meetings on individual investment consulting, and two investment presentations in Frankfurt and Paris, and enter into an MOU of USD 146 million with three companies. They will also visit IFOAM as a part of their efforts to host Organic World Congress in 2011.
The first destination of the delegates will be La Defense, a successful case of new city development in Paris, to benchmark it for the development project of a self-sufficient eco-friendly premium city in Gyeonggi Province. The delegates will also visit Institut Pasteur, which has world-class technologies and competitiveness in all areas of the Bio industry, to discuss possible cooperative measures with Institut Pasteur Korea.
The MOU of USD 146 million with Envio, VCST, and Faurecia is expected to create jobs.
Envio will enter into MOU for an investment of USD 100 million to build a bio-gas plant, utilizing gas from the livestock excretions treatment facilities, thus providing a fundamental solution for the environmental pollution caused by the livestock excretions while utilizing gas, electricity, and quality compost produced in the treatment process.
VCST, a global leader of transfer gear for vehicles, is expected to improve the competitiveness of Korean automakers with an MOU on an investment of USD 20 million.
Faurecia, the world’s ninth-largest automobile company, with the second-largest revenues in Europe, will also add competitiveness to the Korean automobile market through an MOU on an investment of USD 26 million, and Kia Motors of Korea will participate in the investment project.
The delegates plan to have investment meetings with Lantmannen, a company holding 40% of the Northern European bakery market share, and FCI, an automobile and electronic parts manufacturer. They will also host IR presentations for six global companies in Frankfurt and seven global companies in Paris, as a part of active efforts to attract potential investors.
As seen in the MOU of USD 46 million with Faurecia and VCST, global automobile companies, the efforts of Gyeonggi Province to attract investment are largely focused on the automobile sector.
“It is very meaningful that we will enter into an MOU of USD 100 million with Envio, a global environmental and bio expert, as the area of investment is now being diversified from the manufacturing industry, which was the main area of investment in the past. We will continue to attract core part industries and R&D facilities of automobile, semiconductor, display such as TFT-LCD, pharmaceutical, and bio industries, which will determine the national competitiveness of the next generation, based on the highly educated manpower in the Seoul Metropolitan area and excellent infrastructure,” said an official of Gyeonggi Province.