The Investment Promotion Team of the Yellow Sea Free Economic Zone (Commissioner: Kim Seong-Bae), which went to Germany on October 18, 2009, to attract investments from foreign high-tech manufacturing businesses, entered into an MOU worth USD 20 million with F, a German renewable energy company, at 10:00 AM on October 22, 2009. 

F plans to make joint investments with D, a Korean firm, and aims to establish a bio-gas R&D center and a manufacturing plant for the Chinese and Southeast Asian markets by 2013.

According to a spokesperson for the Yellow Sea Free Economic Zone, the team has toured five cities in Germany, making individual visits to potential investors including E (bio plant), S (semiconductors) and M (photovoltaic power generation), and hosted a seminar on the plan for the development of the Yellow Sea Free Economic Zone and its investment environment, inviting over 10 businesses in Nuremberg on October 22, 2009.

In addition, the team reached an agreement for partnership in eco-friendly urban development with Freiburg, Germany’s leading eco-friendly city, on October 20, 2009.

The achievements of the team in terms of investment attraction are particularly meaningful as they will be a starting point for attracting continuous investments by European companies in the Yellow Sea Free Economic Zone, which is also very timely given that Korea and the EU have tentatively signed an FTA.