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Chungnam Leading the Global Economic Cooperations
Investment Inducement Amounting to $ 3.6 Billion from Foreign Companies
2009.08.26(수) | CNnews (
chungnamdo@korea.kr)
Chungnam has recently awarded the presidential prize from the central government. The government formally recognized Chungnam's prominent achievements in foreign funds inducements in spite of current economic difficulties. And Chungnam got the presidential prize form the Ministry of Knowledge Economy on the ‘Foreign Company Day 2008’ ceremony for its great efforts to induce foreign investments.
The presidential prize awarded to Chungnam is the 1st prize given to the top among 16 provinces and metropolitan cities after evaluating and rating many criteria such as the total accomplishments in foreign investment, the accomplishments of activities like dispatching inducement delegation and presentation for investors, the construction of investment foundations, the efforts to improve business environments and the outcomes of executed projects.
Those foreign investments in Chungnam are assessed as to achieve a qualitative leap because the induced foreign funds are largely invested in the Green Field increasing new employment and enlarging current market. Now the industry areas of the Green Field such as LCD, Semi-conductor, Auto Parts, Precise Chemistry and Industrial Gas are expected to develop the competitive-ness over all regional industries.
Governor Wangu Lee said, “In addition to our efforts to improve business environments for foreign investor, for example, the construction of industrial complex for foreign investors, Chungnam has a plan to adopt customized inducement activities which can link Chungnam's competitive industries such as Display and Auto Parts with marketing and sales for their products.”
Chungnam and the Linde Group Singed an M.O.U. to Invest $20 Millions
On October 21th, 2008, in Munich, did Provincial Governor Wangu Lee and Dr. Aldo Belloni, member of the executive board of the Linde Group, sign an M.O.U. to invest $20mil. for constructing an industrial gas plant.
The Linde Group intends to construct a state-of-the-art plant for production and refinery of industry gases as electronics materials used in Semi-conductor, LCD, Solar
panel and other high-tech products in addition to strengthening the role of Inju plant in Asan as an advance base of Fluorine related business.
Dr. Aldo Belloni explained that the main background of investment decision was the faithful relationship between the Linde Group and Chungnam and stated that the Linde Group would continuously invest in Asian market, a dynamic force for the Linde's future growth. The Linde Group having its headquarters in Munich is a multinational company providing industrial gases and engineering of top quality in the world. In 2007, was the Linde Group listed on Fortune Global 500.
Chungnam and the Umicore Singed an Investment M.O.U. Amounting to $40 Millions
Chungnam accomplished the outstanding feat of increasing investment of $40mil. while it settled petitions from the foreign company. Governor Wangu Lee met Mr. Martin Hess, Vice President of the Umicore Group, and signed an M.O.U. to establish the 2nd plant having a site of 33,000 m² within the Cheonan Foreigner Only Complex on October 20th, 2008, in Brussels of Belgium. The Unicore Group is going to product NCA, the essence of Lithium-ion battery, at the 2nd plant.
After the ceremony did Vice President Martin Hess praise Chungnam's excellent management system for the induced foreign companies and said, “We toilsomely considered which is the better place to establish the 2nd plant between China and Korea. What is worse, our Headquarters considered whether we execute overseas investment in the vortex of the global financial crisis started from U.S.A. But, we finally decided to invest with confidence in Chungnam Province.”
The Umicore Group invested $8.7mil. and constructed the Cheonan plant producing NCA in 2004 and now occupies 75% of market share in Korea by providing its products to Samsung SDI, LG Chem Ltd. and others.
Chungnam's Investment M.O.U. with the Rohm and Haas in Philadelphia, U.S.A.
Governor Wangu Lee visited the Rohm & Haas Headquarters in Philadelphia and signed a $40 million Investment M.O.U. with President Yihyeon Paik charging of the Electronic Materials Part to expand facilities of current OLED plant and R&D Center. This M.O.U. is meaningful because it was signed in the vortex of financial crisis and depression of the world.
The Rohm & Haas already invested $179 million in Sunggeo area and advanced into the Display business
producing LCD film and film for PDP filter. By its new investment to penetrate into the OLED field and construct a manufacturing plant, Rohm & Haas comes to produce all the products of LCD, PDP, OLED, 3 major businesses in the display industry. Thus, Rohm & Haas contributed to increase the fame of Chungnam as Crystal Valley.
Groundbreaking Ceremony for Con- structing the Boryeong Plant of the Tagaz Korea
Tagaz's $650 Million Investment Plan By 2012
Tagaz Korea Co., Ltd., a Company established by the investment from the Russian DI Group, started construction work on the Boryeong Plant in the Gwanchang Industrial Complex, on October 6th, 2008. According to a person concerned, Tagaz Korea will build an Auto Part Plant by 2012 on the site of 387,000m² in the Gwanchang Industrial Complex and then will have facilities to produce volumes of parts needed by 550,000 cars and provide the maximum employment amounting to 4,100. In the meantime, Chungnam induced a plant site purchasing deal by floatation of its municipal bond with annual interest rate of 3.5%. Moreover, Chungnam eventually saved the budget for purchasing plant site by 587 mil. through a continuous deal with the central government to get approvement for a lump-sum payment for that site.
There are world-class auto part companies like GM Daewoo, Fukoku Co., Ltd. , and Koreawheel in the Gwanchaing Industrial Complex and now Tagaz Korea joins them and contributes to make the Complex an international Mecca of the auto parts companies.
M.O.U. for Agricultural Exchange with Banteay Mean Cheay Province of Cambodia
Chungnam and Banteay Mean Cheay Province of Cambodia signed an M.O.U. for establishing a joint-venture company to produce corns for animal feed at the small conference hall in Chungnam government office on October 2, 2008.
According to that M.O.U., both parties agreed to establish a base for producing forage crops by combining Chungnam capital and advanced technology with Banteay Mean Cheay Province lands. Chungnam has a plan to hold a presentation targeting regional cooperative societies for livestock farmers, agricultural corporations and other animal feed companies, at first. Then it will establish a local corporation by May, 2009 after conducting researches in detail. To reduce risk, Chungnam will adopt a cultivation contract of producing 3~5 tons of corns for one or two years. After adapting to the local surroundings and testing the safety of the products, Chungnam will establish a joint-venture company to purchase or rent land and increase total cultivaton areas to 5,000 hectares and import produced corns to Korea.
Dispatching a Delegation to Japan for Inducing Investment
Chungnam got a footing in inducing foreign funds for next year with excellent outcomes from dispatching a delegation to Japan. During October and November, did Chungnam send its delegation twice into Nagoya, Osaka, Kyoto and Tokyo and had business talks with 6 companies about their investment plans amounting to $440mil. including a confirmed $40mil. investment.
That delegation talked over the $340mil. investment plan of an anonymous company which manufactures glass substrates for LCD and provides some products related to the next generation display. On 29th did Chungnam consult with a equipment company dealing air cooling and conditioning in Osaka over establishing its local plant in Korea. And Chungnam exchanged opinions on investments with a company which is counted as one of 4 major leading companies in solar lights sector.
On October 30, participated Chungnam in ‘The FPD(Flat Pannel Display) International 2008’ held in Tokyo and had an investment consulting meeting amounting to $30mil. And Chungnam eventually induced $40mil. investment in precise chemistry and manufacturing areas from a company which had already invested in Chungnam.
And there were presentations and customized consultings by Chungnam for Japanese parts and materials companies in business areas such as electricity, electronics, precision machinery etc. from November 17th in Tokyo, Osaka, Nagoya and Hukuoka. It is said to have well established a base for inducing those parts and materials companies which have great inter-industry relation effects in production increment, added-value creation, employment creation because it affirmatively informed the differentiated merits of doing business in Chungnam.
Chungnam Starts Intensive Crisis Management System to Overcome Current Economic Crisis
Chungnam enters into intensive crisis management system to overcome current global financial crisis. Governor Wangu Lee, at a press interview, said, “The financial crisis started from U.S.A. is changed into the depression of world economy along with a depression in the object-economy. To cope with current environment We change our provincial policy direction into retrenchment policy and budget.”
According to this change, the provincial governance of next year affirmatively adapt strict economy and curtailment of surplus areas and change current system into that of intensive crisis management. All the programs for overseas study and training an official trips abroad will be suspended or displaced with domestic study and training programs.
Chungnam operates the preemptive corresponding system to overcome current economic crisis. It is going to invite 30 CEOs of foreign companies into the Seoul Renaissance Hotel and hold an informal discussion on 5th, November. Governor Lee will actively ask those foreign CEOs about difficulties in running their company and support with all the administrative measures.
The presidential prize awarded to Chungnam is the 1st prize given to the top among 16 provinces and metropolitan cities after evaluating and rating many criteria such as the total accomplishments in foreign investment, the accomplishments of activities like dispatching inducement delegation and presentation for investors, the construction of investment foundations, the efforts to improve business environments and the outcomes of executed projects.
Those foreign investments in Chungnam are assessed as to achieve a qualitative leap because the induced foreign funds are largely invested in the Green Field increasing new employment and enlarging current market. Now the industry areas of the Green Field such as LCD, Semi-conductor, Auto Parts, Precise Chemistry and Industrial Gas are expected to develop the competitive-ness over all regional industries.
Governor Wangu Lee said, “In addition to our efforts to improve business environments for foreign investor, for example, the construction of industrial complex for foreign investors, Chungnam has a plan to adopt customized inducement activities which can link Chungnam's competitive industries such as Display and Auto Parts with marketing and sales for their products.”
Chungnam and the Linde Group Singed an M.O.U. to Invest $20 Millions
On October 21th, 2008, in Munich, did Provincial Governor Wangu Lee and Dr. Aldo Belloni, member of the executive board of the Linde Group, sign an M.O.U. to invest $20mil. for constructing an industrial gas plant.
The Linde Group intends to construct a state-of-the-art plant for production and refinery of industry gases as electronics materials used in Semi-conductor, LCD, Solar
panel and other high-tech products in addition to strengthening the role of Inju plant in Asan as an advance base of Fluorine related business.
Dr. Aldo Belloni explained that the main background of investment decision was the faithful relationship between the Linde Group and Chungnam and stated that the Linde Group would continuously invest in Asian market, a dynamic force for the Linde's future growth. The Linde Group having its headquarters in Munich is a multinational company providing industrial gases and engineering of top quality in the world. In 2007, was the Linde Group listed on Fortune Global 500.
Chungnam and the Umicore Singed an Investment M.O.U. Amounting to $40 Millions
Chungnam accomplished the outstanding feat of increasing investment of $40mil. while it settled petitions from the foreign company. Governor Wangu Lee met Mr. Martin Hess, Vice President of the Umicore Group, and signed an M.O.U. to establish the 2nd plant having a site of 33,000 m² within the Cheonan Foreigner Only Complex on October 20th, 2008, in Brussels of Belgium. The Unicore Group is going to product NCA, the essence of Lithium-ion battery, at the 2nd plant.
After the ceremony did Vice President Martin Hess praise Chungnam's excellent management system for the induced foreign companies and said, “We toilsomely considered which is the better place to establish the 2nd plant between China and Korea. What is worse, our Headquarters considered whether we execute overseas investment in the vortex of the global financial crisis started from U.S.A. But, we finally decided to invest with confidence in Chungnam Province.”
The Umicore Group invested $8.7mil. and constructed the Cheonan plant producing NCA in 2004 and now occupies 75% of market share in Korea by providing its products to Samsung SDI, LG Chem Ltd. and others.
Chungnam's Investment M.O.U. with the Rohm and Haas in Philadelphia, U.S.A.
Governor Wangu Lee visited the Rohm & Haas Headquarters in Philadelphia and signed a $40 million Investment M.O.U. with President Yihyeon Paik charging of the Electronic Materials Part to expand facilities of current OLED plant and R&D Center. This M.O.U. is meaningful because it was signed in the vortex of financial crisis and depression of the world.
The Rohm & Haas already invested $179 million in Sunggeo area and advanced into the Display business
producing LCD film and film for PDP filter. By its new investment to penetrate into the OLED field and construct a manufacturing plant, Rohm & Haas comes to produce all the products of LCD, PDP, OLED, 3 major businesses in the display industry. Thus, Rohm & Haas contributed to increase the fame of Chungnam as Crystal Valley.
Groundbreaking Ceremony for Con- structing the Boryeong Plant of the Tagaz Korea
Tagaz's $650 Million Investment Plan By 2012
Tagaz Korea Co., Ltd., a Company established by the investment from the Russian DI Group, started construction work on the Boryeong Plant in the Gwanchang Industrial Complex, on October 6th, 2008. According to a person concerned, Tagaz Korea will build an Auto Part Plant by 2012 on the site of 387,000m² in the Gwanchang Industrial Complex and then will have facilities to produce volumes of parts needed by 550,000 cars and provide the maximum employment amounting to 4,100. In the meantime, Chungnam induced a plant site purchasing deal by floatation of its municipal bond with annual interest rate of 3.5%. Moreover, Chungnam eventually saved the budget for purchasing plant site by 587 mil. through a continuous deal with the central government to get approvement for a lump-sum payment for that site.
There are world-class auto part companies like GM Daewoo, Fukoku Co., Ltd. , and Koreawheel in the Gwanchaing Industrial Complex and now Tagaz Korea joins them and contributes to make the Complex an international Mecca of the auto parts companies.
M.O.U. for Agricultural Exchange with Banteay Mean Cheay Province of Cambodia
Chungnam and Banteay Mean Cheay Province of Cambodia signed an M.O.U. for establishing a joint-venture company to produce corns for animal feed at the small conference hall in Chungnam government office on October 2, 2008.
According to that M.O.U., both parties agreed to establish a base for producing forage crops by combining Chungnam capital and advanced technology with Banteay Mean Cheay Province lands. Chungnam has a plan to hold a presentation targeting regional cooperative societies for livestock farmers, agricultural corporations and other animal feed companies, at first. Then it will establish a local corporation by May, 2009 after conducting researches in detail. To reduce risk, Chungnam will adopt a cultivation contract of producing 3~5 tons of corns for one or two years. After adapting to the local surroundings and testing the safety of the products, Chungnam will establish a joint-venture company to purchase or rent land and increase total cultivaton areas to 5,000 hectares and import produced corns to Korea.
Dispatching a Delegation to Japan for Inducing Investment
Chungnam got a footing in inducing foreign funds for next year with excellent outcomes from dispatching a delegation to Japan. During October and November, did Chungnam send its delegation twice into Nagoya, Osaka, Kyoto and Tokyo and had business talks with 6 companies about their investment plans amounting to $440mil. including a confirmed $40mil. investment.
That delegation talked over the $340mil. investment plan of an anonymous company which manufactures glass substrates for LCD and provides some products related to the next generation display. On 29th did Chungnam consult with a equipment company dealing air cooling and conditioning in Osaka over establishing its local plant in Korea. And Chungnam exchanged opinions on investments with a company which is counted as one of 4 major leading companies in solar lights sector.
On October 30, participated Chungnam in ‘The FPD(Flat Pannel Display) International 2008’ held in Tokyo and had an investment consulting meeting amounting to $30mil. And Chungnam eventually induced $40mil. investment in precise chemistry and manufacturing areas from a company which had already invested in Chungnam.
And there were presentations and customized consultings by Chungnam for Japanese parts and materials companies in business areas such as electricity, electronics, precision machinery etc. from November 17th in Tokyo, Osaka, Nagoya and Hukuoka. It is said to have well established a base for inducing those parts and materials companies which have great inter-industry relation effects in production increment, added-value creation, employment creation because it affirmatively informed the differentiated merits of doing business in Chungnam.
Chungnam Starts Intensive Crisis Management System to Overcome Current Economic Crisis
Chungnam enters into intensive crisis management system to overcome current global financial crisis. Governor Wangu Lee, at a press interview, said, “The financial crisis started from U.S.A. is changed into the depression of world economy along with a depression in the object-economy. To cope with current environment We change our provincial policy direction into retrenchment policy and budget.”
According to this change, the provincial governance of next year affirmatively adapt strict economy and curtailment of surplus areas and change current system into that of intensive crisis management. All the programs for overseas study and training an official trips abroad will be suspended or displaced with domestic study and training programs.
Chungnam operates the preemptive corresponding system to overcome current economic crisis. It is going to invite 30 CEOs of foreign companies into the Seoul Renaissance Hotel and hold an informal discussion on 5th, November. Governor Lee will actively ask those foreign CEOs about difficulties in running their company and support with all the administrative measures.
