Successful inducement of USD 130 million in investments from U.S.

Governor Kim calls for ‘fast implementation of Korea-U.S. FTA’ during speech at Council on Foreign Relations 

It’s the third day of Gyeonggi Province’s investment promotion and international affairs mission to North America, and the delegation succeeded in attracting investments totaling USD 130 million in just this one day. 

On April 19^th, Governor Kim Moon-soo visited the General Electric headquarters in Connecticut, met Global Sales & Marketing Vice President James N. Suciu and signed a USD 30 million investment MOU for the establishment of a green industry R&D center.

According to the agreement, GE will set up an R&D facility in the six-story Pangyo R&D Center by March next year. This facility will pursue green industry research including energy software, smart grids, electric vehicle sand more.

The GE R&D facility will focus more on product development than basic technology, and so is expected to facilitate domestic exports. GE will create hundreds of jobs through the center and plans to procure USD 10 million in components annually from the second half of next year. 

Governor Kim said “We can develop a greater presence in global markets when South Korea’s developed IT, infrastructure and human resources unite with GE’s technology. In particular, Pangyo features advantageous conditions for technology-intensive industries as well as for GE.To aid GE’s business success, we’ll do our utmost to support an ideal research and development environment.”

GE was established by Thomas Edison in 1878. This company is a leading global business with 300,000 employees. GE has been respected for its management innovation, moral responsibility and transparent operation for the past 130 years. In 1976, GE entered South Korea and contributed to the domestic economy in a variety of areas including energy, health care, aviation, lighting and more. 

Earlier that day, Gyeonggi Province reached an agreement with Company A, an industrial gas manufacturer in the eastern U.S.,for additional investment in the province. Company A plans to develop a production facility for industrial gas in Yongin City by investing USD 100 million (foreign direct investment:USD 30 million).  This facility will produce nitrogen gas (99.99999% pure nitrogen gas), an essential material in the manufacture of semiconductors, LCDs and LEDs.

This facility is expected to directly employ 16 workers and provide indirect employment for 2,268 more in the future. In addition, it will ensure the stable supply of nitrogen gas to Samsung Electronics and other local LCD, LED, and semiconductor enterprises.

Company A is a model foreign operation that has invested more than KRW 150 billion to date through entry into Dongtan and Giheung in 1980 and 2005, respectively. It ranks 3^rdin the global gas industry with a 15% market share, and 4^thin Korea with a domestic market share of 14.5%. Company A opted to raise the amount of its investment in accordance with the growing investment plans of Samsung Electronics, Hynix and other semiconductor enterprises.  

Meanwhile, Governor Kim delivered a speech at the Council on Foreign Relations (CFR) in New York that same afternoon. 

CFR is one of the most influential think tanks in the formulation of American foreign policy. Governor Kim is only the fourth Korean politician to make an address here following former President Kim Dae-jung in 2001, National Assembly Member Chung Mong-joon in 2002, and President Lee Myung-bak in 2009. CFR President Richard Haass and other 20 CFR members were present for Governor Kim’s address.

Governor Kim’s comments stressing a rapid international correspondence system and the need for the expedited implementation of the Korea-U.S. FTA were well received.

Governor Kim offered the example of the recent nuclear crises in Japan and noted “International cooperation is important. Things that cannot be solved individually are happening now but, after the global financial crisis, major countries including the U.S are passive.”

He also suggested that “We seriously need to consider if the Korea-U.S mutual assistance system for North Korea’s rapidly changing situation is working properly. The U.S. should lead the implementation of a structure for an international collaboration system that can respond swiftly and precisely.”

Additionally, Governor Kim said “With North Korea’s leadership succession passing to a third generation,military tension on the Korean Peninsula continues to grow. We have to strengthen the Korean-U.S alliance so as to face North Korea’s asymmetric threat, unify the public, and prepare our militaries.”

Regarding the FTA that is still pending in U.S.Congress, he urged ratification.

“China’s influence is rapidly growing in South Korea, and a Korea-China FTA is emerging. It is time for the US to pass the FTA,” Governor Kim said.

He also referred to major political issues affecting both countries, such as South Korea’s future plans and North Korea’s power succession after Kim Jung-il as well as the North’s human rights record, and discussed these issues with CFR members. In addition, he visited Yale University.

GNews Plus / Reporter Han Sang-heegnewshan@gmail.com
2011.04.20 11:15

http://gnews.gg.go.kr/news/news_list.asp?s_code=C052&DWISI=5iw