Gyeonggi signed a $12 million-investment memorandum of understanding (MOU) with NAD, a Japan-based ultra-pure filter manufacturer for semiconductor, with 50 Japanese CEOs and executive directors of Seoul Japan Club attending.

NAD, 100 percent owned by Nomura Micro Science, specializes in electronics, medicine, bio and food with 2.2 billion yen of equity and 330 employees.

Under the MOU, NAD will build a manufacturing facility for ultra-pure filter and water distribution system, to be supplied to its major customers including Samsung Electronics and SK Hynix, on a 4,950 square meter-site in Dongtan Industrial Complex in Hwaseong City.

The investment from NAD is a clear indicator to show that the recent sour relationship between Korea and Japan, sparked by the territorial dispute over Dokdo Island, has little impact on Japanese businesses’ investment in Korea. Starting with a $26 million-investment MOU with Idemitsu Kosan in January, Gyeonggi has concluded a total of $2.09 billion-investment contracts with 13 Japanese companies thus far.

Gyeonggi Governor Kim Mun-su demonstrated a strong willingness to resolve grievances of foreign investors during dinner party with CEO of Japanese companies doing operation in Korea. He also emphasized that Gyeonggi is still an important economic partner of Japanese companies despite the recent political tension between the companies.

Source: Gyeonggi Local Government (Sep. 26, 2012)

** This is the translation of a Korean article.