Gyeonggi Governor Kim Moon-soo Attracts a USD 500 million Investment Program
(Published January 31, 2013)

[The visit to Japan – 4] Signing an MOU with NEG… a first step to take a lead ahead of others in the world LCD market
 

◇ Gyeonggi Governor Kim Moon-soo posing for a photo after signing the MOU concerning NEG’s investment in Paju, Gyeonggi Province, Korea at the Hotel New Otani Tokyo, Japan on January 30 ⓒ G-News Plus
 
The Gyeonggi Provincial Office signed a USD 500 million MOU with a Japanese company specializing in LCD technology.
 
On January 30, Gyeonggi Governor Kim Moon-soo took part in a ceremony for signing a tripartite MOU between Nippon Electric Glass (NEG), Paju City, and Gyeonggi Province held at the Hotel New Otani in Tokyo.
 
Under the MOU, NEG, the world’s No.3 LCD glass manufacturer, will build an OLCD glass manufacturing facility on a 62,131㎡ site in the Dangdong Foreign Investment Complex, Paju in 2013, and start operation next year.
 
This MOU concerns NEG’s new investment plan in addition to the decision to invest USD 500 million in the same site made eight months ago, making its total investment amount USD 1 billion (=KRW 1 trillion).
 
Observers say that Gyeonggi Province will enjoy an advantage in taking the lead in the world LCD market through securing the entire OLED process, with the participation of NEG in the already existing enterprise formed in January 2012 by Paju Electric Glass (PEG – a joint venture between LG Display and NEG) in 2006 and Idemitsu, Japan (owner of the OLED source technology).
 
The Gyeonggi Provincial Office has attracted a total of USD 1.9 billion (= KRW 2 trillion – 73% of total amount of FDI attracted in 2012) worth of investment over the past year for manufacturing facilities from Japanese, Taiwanese and UK investors in connection with its bid for economic revitalization of the northern areas of the province.
 
Commenting on the MOU, Governor Kim said, “We at the Gyeonggi Provincial Office are doing our best for the economic revitalization of northern areas of the province, which have suffered difficulties in attracting investors due to their proximity to the DMZ and the Green Belt. We will provide all possible administrative and financial support for NEG.”
 
ⓒ G-News Plus | Lee Jun-gyun eyekle0723@kg21.net
 
http://gnews.gg.go.kr/news/news_detail.asp?number=201301310907577055C052&s_code=C052