Gyeonggi Province Attracts USD 200 Million in Investment from Japan
(July 18, 2011)

Local government ties 3 MOU deals with core parts manufacturers… forecast to hire 248 people
Promoting investment in electronics, IT and semiconductor parts material manufacturing

Gyeonggi Province Governor Kim Moon-soo and his “Japan Investment Attraction Delegation” head to Japan for two days.

A local government delegation will visit Tokyo and Yokohama in Japan to host investment presentations targeting the electronics, IT, and semiconductor material industries.

During the visit, the Governor of Gyeonggi Province and the Mayor of Pyeongtaek City will sign MOUs worth USD 267 million with Valqua Industries, Sumitomo Chemical, and JTEKT.

The three companies signing MOUs with the local government have promised to invest in Pyeongtaek – direct proof that Samsung’s decision to invest in the Godeok Complex has heightened international interest in the Pyeongtaek area.

The delegation will give a presentation on parts material industries and investment to attract companies with cutting-edge technologies in electronics, IT, and semiconductors. The event was actively supported by the Kanagawa Prefecture Chamber of Commerce and Industry and the Korean Embassy of Japan. Over 100 participants have opted to attend the presentation, a reflection of Japan’s interest in the Korean market.

This presentation, which will be especially enticing because of the participation of global IT leaders Samsung and LG Display Co., Ltd., is being held to demonstrate purchasing strategies and introduce the success case of Sumtomo (Dongwoo Fine-chem), which is due to invest in Gyeonggi Province.

Japan’s investment volume is second only to the US. This will be the 5th delegation to be dispatched to Japan since the current Governor was elected. Such delegations have attracted USD 528 million in investment so far.

Forty-one of the 85 foreign-invested companies in the 8 foreign-exclusive industrial complexes of Gyeonggi Province are Japanese. Their total investment amounts to USD 832 million, accounting for 71 percent of all investment (USD 1,171 million).

Gyeonggi Province has formulated a general strategy to attract Japanese investment by providing incentives and customized benefits to fit their specific needs. They have made a special effort to attract Japan’s parts manufacturers by forming T/F teams with specialists from the private sector.

– T/F Team: fourteen purchasing specialists from Samsung, LG Display Co., Ltd., Hyundai Motor Company, Kia Motors, and researchers from institutes and related civil workers.

A Gyeonggi Province official remarked, “This parts material industry investment presentation is the fruit of our T/F team’s hard work.”

Inquiries: Investment Promotion Division +82-31-8008-2174

http://gnews.gg.go.kr/briefing/brief_gongbo_view.asp?BS_CODE=S017&number=11782