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Robit, One of World’s Top Three Drilling Machine Manufacturers, Becomes First Finnish Company to Open Plant in Gyeonggi Province

Robit, one of the world’s top three drilling machine manufacturers, has become the first Finnish company to open a plant in a foreign-exclusive industrial complex in Gyeonggi Province.


Gyeonggi Province announced that Robit Korea, Ltd., held a completion ceremony on February 8 for its new plant, constructed for the manufacture and export of drilling machines, in the Jangan 2 Foreign Investment Zone of Hwaseong City.

Gyeonggi Province and Robit signed an agreement last September on the investment of USD 10 million (foreign direct investment) at the company’s head office in Tampere, Finland.

Robit is one of the world’s top three leading drilling machine companies and has the third highest market share in Korea. The company also participated in the construction of infrastructure for the 2018 PyeongChang Olympic Winter Games.

The newly opened plant will function as the company’s Asia and Pacific regional headquarters, as well as a base for expanding business in the Korean market and reinforcing cooperation with Korean partner companies in the metropolitan area.

International Cooperation Bureau Director General Kim Hyun-soo said, “I hope that more Nordic SMEs will advance into Gyeonggi Province following the success of Robit. We will actively promote the diversification of investment zones to support their advancement.”

Gyeonggi Province has actively engaged in the attraction of strong high-tech SMEs of northern Europe, which is emerging as a new region for the inducement of foreign investment in addition to major regions including the US, Japan, and Germany.

Of particular note, a working-level mission was dispatched to Nordic countries including Sweden, Estonia, and Latvia at the end of last year to present successful cases of foreign investment and introduce the investment environment of Gyeonggi Province.

Gyeonggi Province Signs MOU for Investments from Chinese Robot Companies

A Gyeonggi Province delegation (led by Vice Governor Lee Jae-yul) visited Heilongjiang Province in China from January 11 to 12 and signed an MOU for investments from Chinese robotic and AI companies.


The conclusion of the MOU was first suggested by the Harbin Institute of Technology (Harbin) and Golden Jumping Group (Mudan River), which concluded an agreement with Gyeonggi Province on the creation of Pangyo Zero City last October. Under this MOU, the two provinces plan to boost the advancement of competitive industry sectors through each country as well as cooperation in various fields.

The Harbin Institute of Technology, a prestigious science and technology university in Heilongjiang Province, has international competitiveness in the field of robotics and provided robotic technology to the Chinese manned spaceship project last year. Golden Jumping Group is a leading real estate development company in Heilongjiang Province; it invested KRW 80 billion in Gyeonggi Province to build a business center.

Vice Governor Lee Jae-yul said, “This is the first exchange between companies in the provinces of Gyeonggi and Heilongjiang in relation to the Fourth Industrial Revolution. Gyeonggi Province will provide all possible administrative support to Chinese technology companies so that they can actively invest in the region.”

He added, “I thank the (Heilongjiang) provincial government and Golden Jumping Group, a leading company in Heilongjiang Province, who cooperated with us in the conclusion of this investment agreement despite political conflicts between Korea and China last year.”

In addition, Gyeonggi Province has led active cooperation with China in environmental and agricultural fields since the signing of the friendship and cooperation agreement with Heilongjiang Province in August of last year, inviting policy administrators from three provinces (Liaoning, Jilin, Heilongjiang) of northeastern China and holding the Gyeonggi and Three Chinese Northeastern Provinces Environmental Cooperation Forum.

Gyeonggi Province, highly popular with foreign investors

Gyeonggi Province’s 2017 foreign direct investment total was 2.5 times greater than in 2016.


According to an analysis of 2017 foreign investment data for Gyeonggi Province released by the Ministry of Trade on January 11, foreign direct investment in Gyeonggi Province was 2.5 times (158.8%) greater than in 2016. In fact, the number has climbed from USD 1.37 billion in 2016 to USD 3.56 billion in 2017, and net foreign direct investment inflows also doubled (105.3%) from USD 1.09 billion in 2016 to USD 2.24 billion in 2017.
During the same period, domestic foreign direct investment increased over 7.7% with a total amount of USD 22.94 billion, while domestic foreign direct investment net inflows increased over 20.9% compared to 2016 with a total amount of USD 12.82 billion.

Gyeonggi Province noted a number of factors as main drivers of these increases, including: an investment environment suitable for the 4th Industrial Revolution with complexes such as Pangyo Techno Valley and Pangyo Zero City (2nd Pangyo); the establishment of operations in the region by many global companies; superior human resources; convenient logistic and transportation infrastructure; and significant efforts to develop various investment sites in Gyeonggi Province.
In particular, the analysis highlighted that related proactive efforts such as the investment-attracting diversification strategies of Gyeonggi Province have alone achieved investment leaps even in the midst of difficult circumstances such as the North Korean nuclear issue, the global protectionism trend, and the influence of THAAD retaliation by China.

Last year, Gyeonggi Province signed investment agreements totaling USD 2.35 billion with 15 companies, including: a USD 100 million agreement with PG Automotive Holdings, a hidden champion of Singapore’s automotive parts industry; a USD 1.05 billion agreement (acquisition cost of S-Printing Solution) with the global company Hewlett-Packard; USD 10 million with GCM, a US semiconductor equipment company; and USD 80 million with Golden Jumping group, a Chinese real estate development company.

Meanwhile, since the sixth popular local elections in Korea, Gyeonggi Province has signed 50 direct investment agreements worth USD 7.9 billion that are forecasted to create 33,000 new jobs.

Man Truck & Bus

On May 2, 2017, Gyeonggi Province induced an investment of approximately USD 10 Million from Man Truck & Bus, a 250-year-old European commercial vehicle brand

Man Truck & Bus is a global powerhouse that holds the 2nd and 3rd position, respectively, in the European truck market and the European bus market.

Man Truck & Bus, which debuted in Korea in 2001, has been reported to have sold less than 200 units in 2009, while the year 2016 saw a surpising record of 1,545 units sold.

This represents 36% growth compared to the last record and the largest volume since Man Truck & Bus entered the Korean market. Its headquarters is also monitoring the importance of the Korean market, which continues to grow in size.

At its pre-delivery inspection (PDI) center, which is being constructed in the hinterland of Pyeongtaek Port, the preparation time will be dramatically reduced since truck storage, assembly, inspection and vehicle collection can be carried out in one location.

PG Automotive Holdings Pte Ltd

On February, 2017, Gyeonggi Province concludes investment agreement with PG Group of Singapore

PG Group, a small hidden champion, is an automobile parts manufacturing company with 1,120 employees and annual sales of KRW 180 billion that is headquartered in Singapore. The company has also local subsidiaries in Korea, Malaysia, Vietnam, and Russia.

Recently, PG Group has been actively investing in automotive part companies and taking over Korean companies with licenses to supply parts to conglomerates.

The agreement is expected to see the establishment of auto part production facilities valued at USD 100 million in Pyeongtaek and other cities and to create a total of 250 new jobs.



On October 26, 2015, an investment MOU in the amount of USD 500 million (FDI: USD 335 million) was successfully signed with EUGENE Super Freeze, a Korean company, and EMP Belstar, an American company, at Yale Club located on Vanderbilt Street in New York City. Gyeonggi Province Governor Nam Kyung-pil, Pyeongtaek City Mayor Kong Jae-kwang, EUGENE Super Freeze CEO Yang Won-don, and EMP Belstar Chairman Daniel Jun Yun agreed to build an LNG cold warehouse for meat, fish and frozen fruit in the Oseung Industrial Complex of Pyeongtaek City on a site of 92,151㎡.

As agreed, EUGENE Super Freeze will build a warehouse in the Oseung Industrial Complex with investments from EUGENE Group, a Korean investor, and EMP Belstar, a US institutional investor. The logistics warehouse will utilize waste LNG cold energy and solar power. It will be a completely self-standing warehouse for processed agro-fishery products and is expected to create approximately 600 new jobs. EMP Belstar, an investment company based in New York specializing in energy infrastructure, has a portfolio of assets amounting to KRW 1.18 trillion.

EMP Belstar Chairman Daniel Jun Yun said, “The new warehouse is the first completely self-standing in the world to use waste LNG cold energy (-162℃) and solar energy. This project will create 700 direct jobs and thousands of indirect jobs.”


Governor Nam said, “Gyeonggi Province and Pyeongtaek City will provide support so that this investment will come to successful fruition. EUGENE Super Freeze not only made a direct investment but has also presented a new model to help startups and social enterprises in Gyeonggi Province.” Yang Won-don of EUGENE Super Freeze said, “We want to play a role in building an ecosystem that will help startups enter global markets and enable successful foreign-invested companies to help startups in a virtuous cycle of growth.” He has promised to support foster startups and help them to enter overseas markets through a customized support system by growth phase and by industry.

On February 4, 2016, EUGENE Super Freeze invested KRW 7 billion in the “Second Gyeonggi Superman Fund” to foster startups by young entrepreneurs. This investment is expected to give momentum to the projects pursued by Gyeonggi Province that support promising startups and startup companies launched by young entrepreneurs. Governor Nam said, “When I met with EUGENE Super Freeze in the US last year, they promised not only to make a direct investment but also to help startups in our province by creating a fund for mutual prosperity, the first of its kind started by a foreign-invested company. I am grateful that the company has fulfilled its promise. This is a new model and a great endeavor in creating a win-win situation for both a foreign-invested company and domestic SMEs.”

MAN Truck & Bus


Gyeonggi Province succeeded in attracting an investment of approximately USD 10 million from the German company MAN Truck & Bus, one of Europe’s leading manufacturers of commercial vehicles and a provider of delivery truck solutions.
In accordance with the relevant Memorandum of Understanding, MAN Truck & Bus will construct its Korean headquarters and a service center, which it will directly manage, in Hagal-dong of Yongin City, Gyeonggi Province.
Established in 1758, MAN Truck & Bus has a history of over 250 years. In 1897, it developed the world’s first diesel engine, and it has a long record of technology and knowhow in the power engine field.

MAN Truck & Bus entered the Korean market in 2001 and currently ranks second in terms of imported commercial vehicles (trucks etc.). Starting with less than 200 vehicles in 2009, the company’s sales grew to a record 1,137 in 2015, making it possible for MAN Truck & Bus to maintain its second place position since 2014. It aims to become number one by 2020.
Korea is the largest market in the Asia Pacific region for MAN Truck & Bus. The company plans to continue investment in Korea to ensure sustainable growth.

With the construction of MAN Truck & Bus headquarters and directly operated technology service center, the Gyeonggi Provincial Government expects the creation of 66 new jobs as well as the attraction of Korean automobile industry vendors.




On May 21, 2016, Gyeonggi Province signed a USD 20 million investment MOU with Trytechs, an SME based in Nagoya, Japan.
Trytechs is headquartered in Nagoya, which is located in the central region of Japan and known as a manufacturing center. Trytechs designs automation equipment and manufactures diverse industrial machinery. Although it is a small company with capital of JPY 10 million (KRW 180 million) and approximately 40 employees, its sales amount to approximately JPY 1 billion (approximately KRW 10.8 billion).

In addition, utilizing its strengths as an SME, Trytechs develops and manufactures products for a broad range of industries “from the design phase to production by minimizing the delivery period and cost”, which is generally impractical for a large company.
With the investment by Trytechs, the Gyeonggi Provincial Government expects the creation of approximately 100 jobs in direct employment by 2020 as well as a KRW 5 billion increase in exports annually through the transfer of parts manufactured in Korea to Japan.




Bureau Veritas made an investment of USD 10 million (retained earnings) in the latter half of 2016 in Gwanyang-dong of Anyang City, Gyeonggi Province, to open a testing/certification center for consumer products such as textiles and electrical/electronic goods. Gyeonggi Province signed the investment MOU this past June 24 at the O’BIZ TOWER in Gwanyang-dong, Anyang City, with Bureau Veritas CPS and Anyang City.

The agreement is not only about investment but also job creation for women reentering the workforce and students graduating from polytechnic high schools.

An internship program for people having difficulty finding employment is a result of discussions that took place over a one-year period with Bureau Veritas with regard to success sharing with the local economy. With this concept, Anyang City applied for and received a central government project grant to foster industrial expertise. At the center, 117 new jobs will be realized. Out of the 117 job positions, more than 50% are expected to be filled by those having trouble finding employment (women seeking to reenter the workforce, students graduating from polytechnic high schools, and so on).

Anyang City applied for a grant from the Ministry of Employment & Labor for the testing/certification expert-fostering project, and received KRW 170 million. A total of 40 people will receive training at Yeonsung University over a period of two months. After training, they will be employed by Bureau Veritas and other domestic testing/certification institutions. In addition, Anyang City will offer Bureau Veritas employee matching services through the Career Center. Employment for twenty-four people; this offer is currently being considered. Gyeonggi Province is also assisting Bureau Veritas through the “NEXT Job Opportunity” project by granting subsidies for youth employment. As a result, one intern is now working at Bureau Veritas.

Gyeonggi Province believes that the investment will not only create new jobs but also contribute significantly to opening new channels abroad for Gyeonggi SMEs. In many cases, companies in overseas markets require test results and certification from private institutions. We believe that the testing/certification center at Bureau Veritas, which is internationally recognized, will contribute in this area.




Attracting premium outlets is a world trend in the distribution industry. Even without providing tax incentives and funding, Gyeonggi Province was able to attract premium outlets: three are currently operating in the cities of Yeoju, Paju and Hanam, and two more are under way in Siheung and Uijeongbu.

When attracting a company from the distribution industry, in order for the company and the local region to coexist, the company endeavors to preferentially hire local residents while also creating a market for the sale of local agricultural products and specialty goods by supporting local festival promotions and setting up retail points for local products within the outlet facilities.

Every year, Shinsegae Simon gives back to society by providing scholarships, supporting local markets, and by carrying out projects to support the underprivileged class and underdeveloped areas (KRW 100 to 300 million annually).

By attracting premium outlets, we can attract more foreign visitors who want to shop and boost domestic consumption by vitalizing the tourism industry by connecting it with surrounding tourism destinations (5 to 6 million domestic and international tourists annually). In addition, a large number of new jobs are created; approximately 1,000 direct employment positions as well as 3,000 jobs from employment ripple effects are created per outlet. Additionally, premium outlets are expected to contribute to the vitalization of the local economy through increased tax revenue amounting to KRW 3 to 4 billion annually and through the enhancement of the local regional image.

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