Gyeonggi Province attracts the first ever investment from an Indian company in Korea 

*Gyeonggi Province attracted the first investment from an Indian company in Korea.

Gyeonggi Province concluded a USD 2 million investment MOU with Creative, India, the biggest molding company in India.

Gyeonggi Provincial Governor Kim Moon-soo held the MOU signing ceremony along with President Agarwal of Creative, India, at the International Conference Room of Gyeonggi Provincial Office on November 13th. The two sides concluded an investment MOU worth USD 2 million on the construction of a mold-making factory for medical equipment and household supplies.

Creative, India, headquartered in Maharashtra State, Mumbai, is the biggest molding and plastic manufacturing company in India, with USD 45 million in revenue last year, and a total of 5,500 employees.

Creative, India will establish its facilities on a 3,305m2 plot at the Hyeongok Industrial Complex, Pyeongtaek City, Korea, and will start manufacturing as early as 2008. The company will take a phased approach, producing medical equipment, healthcare products, and personal supplies in the first stage, then manufacturing molds needed for producing electronic products and semiconductors in the second stage. This MOU agreement is expected to contribute to enhancing the competitiveness of Korean molding industry, as it will complement the technology shortfall of domestic molding industry. Moreover, with the MOU signed, the high-quality infrastructure of Gyeonggi Province will be combined with the potential of Korean molding technology, enabling accelerated development of the industry.

In particular, this Agreement is receiving a great deal of attention, as it is the fruit borne by Governor Kim’s visit to four Asian countries in March of this year. Governor Kim visited six cities in four Asian countries (China, India, Singapore and Hong Kong) over a period of one week starting on March 25th, and during the visit, he signed an MOU between the Government of Maharashtra and Gyeonggi Provincial Government to promote friendly cooperation. The Investment MOU with Creative, India, can be seen as the first achievement of that MOU between the two governments.

Governor Kim announced, “It is my great pleasure to announce that Creative, India is the first Indian company to invest in Korea, after my signing of the MOU with the Government of Maharashtra in March of this year. Today’s occasion indeed serves as a historic moment.”

Provincial Governor Kim added, “The fact that the 11 million residents of Gyeonggi Province and the residents of Maharashtra are in a sisterhood relationship makes me all the more happy to sign this MOU.” He later emphasized, “If you face any difficulties while doing business in Korea, especially in Gyeonggi Province, don’t hesitate to express your difficulties, and all Gyeonggi civil servants, including myself, will do their utmost to support your business.”

Vinay Agarwal, President of Creative, India, replied, “It is my great pleasure to initiate our state-of-the-art molding business here in Pyeongtaek. I will expedite the preparation process in order to initiate this newly launched business at the earliest possible date. In particular, I was glad to hear that we are the first Indian company to invest in Gyeonggi Province, and I hope that more Indian companies will follow suit.”

Occasion: MOU signing ceremony with Creative, India
Time: November 13th, 3:40 p.m.
Place: International Conference Room at Gyeonggi Provincial Office
Participants: About ten distinguished guests, including President Agarwal of Creative, India and President Kim Jong-hyeon of Creative, Korea.