GM Korea to Invest USD 7.3 Bn in 5 Years
GM Korea Co. plans to invest KRW 8 trillion (USD 7.3 billion) in the next five years in an effort to become more competitive.
The company said in February that it will double the size of the design center at its Bupyeong headquarters by the end of the year. The expansion would make it GM's third largest facility globally.
GM Korea also plans to produce six next-generation GM global vehicles and powertrains. The company has five manufacturing facilities domestically and an assembly facility in Vietnam. Last year, it sold a record 145,702 vehicles in Korea.
Seagate Korea Design Center Opens in Gyeonggi Province
Gyeonggi Province and Seagate Technologies held a completion ceremony in February for the Seagate Korea Design Center in Yongin, Gyeonggi Province.
The design center will be responsible for developing 2.5-inch hard drive solutions and compact form factors, targeting the mobile computing market. Seagate invested a total of KRW 142.3 billion to build the 26,000 square meter design center, where 360 researchers and scientists are to work.
Founded in 1979, Seagate is a global manufacturer of hard drives and storage solutions with a presence in Europe, Asia and North America.
Since signing an investment memorandum of understanding with Seagate in December of 2011, Gyeonggi Province has strived to streamline administrative procedures for the early construction of the center.
Emerson Electric to Invest USD 40 Million in Yongin
Emerson Electric, an American manufacturer of automatic measuring and controlling systems, will invest USD 40 million in Jukjeon Digital Valley in Yongin, Gyeonggi Province.
The Gyeonggi Provincial Government entered into an investment agreement with Emerson Process Management Korea, a subsidiary of Emerson Electric, at the Daou Digital Square of Jukjeon Digital Valley in February. Under the agreement, Emerson Process Management Korea will invest USD 40 million to construct a research and development (R&D) center and manufacturing facilities on a 8,115m2 site in Jukjeon Digital Valley by January of 2016.
The investment agreement is expected to lead to the creation of 200 jobs and development of related domestic industries, such as shipbuilding, power plants and the plant sector. Jukjeon Digital Valley is also expected to become a hub for the information technology (IT) industry.
Jukjeon Digital Valley, situated on 142,037m2 of land, is an industrial complex created by Daou Tech in 2010. It is also where Veeco, an American manufacturer of light-emitting diode (LED) equipment, built an R&D center with a USD 17 million investment in 2010. It is home to the Dongbu Insurance Data Center, Shinhan Financial Group Data Center and Hanwha Data Center as well.
Invest KOREA Holds Investor Relations Session in Japan
Invest KOREA (IK) held an investor relations event last month in Osaka, Japan for Japanese electric and electronics companies.
IK led an investment promotion delegation of representatives of the North Chungcheong Provincial Government and Paju City Government. The session addressed the trends and investment environment of Korea’s materials industry as well as successful investment cases of Japanese companies. Business meetings followed.
“In this digital era, end product manufacturers lead parts and materials businesses based on their global supply networks and market dominance. It is necessary to actively introduce Korea’s investment environment to Japanese electric and electronic firms, which require collabora-tions with promising Korean set makers enjoying continuous market demand,” said Kim Seong-hwan, Deputy Director General of the Strategic Investment Promotion Team at IK.
Source : Invest Korea
