Investment agreement concluded with Gyeonggi Province in December 2012 

◇ Gyeonggi Province announced on July 15 that CCI of England, a company specializing in the manufacture of large valves for power plants and the petrochemical industry, would move into an industrial complex reserved for foreign-invested enterprises in Dang-dong Paju. ⓒ Yu Je-hun, Gyeonggi G-News

Gyeonggi Province announced on July 15 that CCI of England, a company specializing in the manufacture of large valves for power plants and the petrochemical industry, would move into an industrial complex reserved for foreign-invested enterprises in Dang-dong Paju.

According to the province, CCI has undertaken construction of the factory for the manufacture of high-tech industry valves currently produced in Switzerland and Sweden only by investing USD 20 million (KRW 20.4 billion) in Dang-dong, Paju. The factory is scheduled to be completed by this December. 

CCI Korea made inroads in Korea in 1996, and has been operating a leased factory in Gimpo. All large industrial valves are currently produced in Switzerland and Sweden and delivered to Korea. The construction of the new factory will lead to a reduction in additional expenses such as logistics costs and tariffs. 

CCI Korea will expand its presence in the Korean large-plant market and export to Asian markets, thus creating new employment opportunities for 35 or more individuals.

CCI was established in 1961 as a subsidiary of Imperial Metal Industries (IMI), which was established in Birmingham, England, in 1862 and currently listed among the top 100 British companies. The total annual sales revenue of IMI in 2011 was approximately KRW 4 trillion KRW.

CCI Korea, established in 1996, had sales revenue of KRW 100 billion in 2012 and currently employs 180 personnel. Gyeonggi Province concluded an investment agreement with CCI during the province’s Foreign-invested Company Day event in December of 2012.

Gyeonggi Province explained that the expansion of investment by CCI is significant in that it was the first case of overseas investment induced through system improvement pursued by the province.

The province had asked the Korean Ministry of Trade, Industry and Energy to address the fact that guidelines for foreign-invested operations restrict additional investment by foreign investors. The ministry accepted this request. 

Seo Jeong-deok, CEO of CCI Korea, said, “It was difficult to ask the main office to make additional investment due to the restrictions of the current system despite the expansion of business in Korea and the improvement of the technological capabilities in production . However, I really appreciate the actualization of the additional investment and the new business expansion made possible with the efforts of Gyeonggi Province.”

Kang Hyeon-do, Director of the Investment Promotion Division, said, “Gyeonggi Province is actively pursuing administrative and systematic improvements to enable companies to invest freely. The investment by CCI is one of the successful cases. In order to activate the economy of the northern part of Gyeonggi Province, best efforts for active investment promotion will be made.

ⓒ Gyeonggi G-News | Cheon Gyeong-nam ckn0403@kg21.net 

http://gnews.gg.go.kr/news/news_detail.asp?number=201407151345397055C052&s_code=C052