The Gyeonggi Investment Promotion Committee, currently visiting the United States, concluded a USD 83 million Investment MOU with 3M on the 30th, Korean time.

* Gyeonggi Province Governor Kim Moon-soo and 3M’s Vice President, Shin Hak-chul, pose for the camera after signing the ‘Gyeonggi Province-3M MOU’ on the 30th (Korean time) at 3M headquarters in St. Paul, USA.

Gyeonggi Provincial Governor Kim Moon-soo and Vice President Shin Hak-chul of 3M visited 3M’s headquarters in St. Paul, Minnesota and successfully concluded their first Investment MOU during their visit to the United States.
According to the MOU, 3M plans to build industrial safety product manufacturing facilities, which will produce items such as LCD films and dust protection masks, within the 83,000m2 Jangan Foreign Business Complex in Hwaseong City of Gyeonggi Province. In August of last year, 3M completed a USD 60 million Display Film production facility in Complex 1 of the Jangan Area, and subsequently in July of this year, established a USD 140 million industrial safety product manufacturing plant.

The two factories just mentioned have employed 500 new workers, and the recent MOU will lead to a third factory, which is expected to create 200 to 300 more employment opportunities. 3M is an international corporation ranked 105th in the world by Fortune magazine, spanning various fields of business such as industry, medicine, displays, electronics, safety, transportation, and others. It possesses manufacturing facilities in 60 countries around the world, operates a transportation network that covers about 200 countries and employs 67,000 full-time workers.

The facilities that 3M plans to set up in Gyeonggi Province are geared towards their expansion in the dust protection mask business, in line with the expected growth of industrial safety products in Asia. The electrified felt fabric used for these dust protection masks is made of delicate fabrics less than 10micrometer in diameter that are entwined together, forming a 3-dimensional fabric structure like a spider’s web.

Governor Kim remarks, “Considering that 3M’s full investment support has been obtained for this venture, the Gyeonggi Investment Promotion Committee should be applauded for their efforts.” He also expressed his gratitude, saying that “We thank 3M for the support and enthusiasm they have shown for Gyeonggi Province up to now. 3M is not just a global firm, but is also a Korean firm and furthermore, a Gyeonggi firm.”

Governor Kim also mentioned, “If 3M continues to work within Gyeonggi Province, we are considering other ways to provide benefits, not just the simple support we have given so far, but more specifically advantageous land or tax-related policies. Let us consider today’s ceremony to be a milestone, and hope that 3M and Gyeonggi Province will work towards more diverse, expansive and wider forms of cooperation.

Governor Kim’s remarks were followed by some remarks from Vice President Shin, who commented, “Thanks to such great support, 3M is investing a great portion in Korea. We are deeply touched by Governor Kim’s comments and insights into the current situation in the United States, and his visions for the future. We will also do out best to support Korea.”

Previously, the Gyeonggi Committee had visited the headquarters of Cargill Co. in St. Paul, and conducted consultations on investment. Governor Kim suggested that Cargill could cooperate with Germany’s Envio Co. to provide technical solutions for the treatment of farm animal wastes and odor problem within Gyeonggi Province, which is a mixture of urban and rural areas. He also mentioned that endless support would be provided if the factory in Songtan was removed and expanded to Pyeongtaek. Cargill is an international company that operates in 66 countries, and employs 158,000 workers in the field of farming, animal feed and food.

The Gyeonggi Investment Promotion Committee also made a field observation of St. Paul’s ultra-large American shopping mall, the ‘Mall of America’, in line with the popularly elected 4th party’s investment diversification policy.