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Chungnam Ranked 1st in Foreign Investment Attraction
2013.01.18(금) 16:39:26 | CNnews (
chungnamdo@korea.kr)
Chungnam was ranked first in foreign investment in Korea by attracting a total of 566 million dollars (11 MOUs) between July 2011 and June 2012. The MOUs include those with global joint ventures, such as Samsung-Corning Advanced Glass (Investment Amount: USD 102 million, Signature Date: 28 Aug) and Hyundai-Shell Base Oil (USD 300 million, 29 Aug). As being recognized for this achievement, Chungnam was awarded with a presidential citation in November.
According to the Memorandum, Samsung-Corning Advanced Glass, a joint venture of Samsung Display and Corning, will invest 102 million dollars in Asan, Chungnam by 2015 to build a factory manufacturing glass for organic light-emitting diodes. Chungnam Province and Asan City will provide the joint venture with various incentives and infrastructure as well as administrative support within legal and budgetary limits. Glass panels made of organic light-emitting diode, the key part for the next-generation display, requires an advanced technology for the high-temperature processing, and Korea had imported all of the panels from Japan until it started local production this year.
Hyundai-Shell Base Oil, a joint venture of Hyundai Oil Bank and Shell, will invent over 300 million dollars in building a base oil factory within the complex of Hyundai Oil Bank in Seosan over the next 5 years. Base oil is a basic material necessary to produce lubricant for vehicles, ship and industrial use. Lubricant is made by mixing base oil with a variety of additives.
Chungnam Province will continue its efforts in improving the environment for foreign investment to maintain its reputation as the best province for foreign investors. Especially, the Provincial Office will focus on designating individual or complex-type foreign investment zones while pushing forward the establishment of international schools and FDI support centers as well as the construction of FDI industrial complex.
According to the Memorandum, Samsung-Corning Advanced Glass, a joint venture of Samsung Display and Corning, will invest 102 million dollars in Asan, Chungnam by 2015 to build a factory manufacturing glass for organic light-emitting diodes. Chungnam Province and Asan City will provide the joint venture with various incentives and infrastructure as well as administrative support within legal and budgetary limits. Glass panels made of organic light-emitting diode, the key part for the next-generation display, requires an advanced technology for the high-temperature processing, and Korea had imported all of the panels from Japan until it started local production this year.
Hyundai-Shell Base Oil, a joint venture of Hyundai Oil Bank and Shell, will invent over 300 million dollars in building a base oil factory within the complex of Hyundai Oil Bank in Seosan over the next 5 years. Base oil is a basic material necessary to produce lubricant for vehicles, ship and industrial use. Lubricant is made by mixing base oil with a variety of additives.
Chungnam Province will continue its efforts in improving the environment for foreign investment to maintain its reputation as the best province for foreign investors. Especially, the Provincial Office will focus on designating individual or complex-type foreign investment zones while pushing forward the establishment of international schools and FDI support centers as well as the construction of FDI industrial complex.
