GWANGJU < invest Korea

According to Yonhap News,

Gwangju city said on April 24th that it signed a memorandum of understanding for the high-tech mold center with the Ministry of Knowledge Economy to embark on laying the groundwork for the mold industry, which is essential for the mining, automobile, and home appliance industries.

To this end, the city will invest KRW32.3 billion by 2013 to establish the high-tech mold center in Woljeon-dong, Gwangsan-gu and equip the center with devices necessary for research and development and test production.

The city expects that the high-tech mold center will enable prototype production in the precision processing business and test evaluation, leading to various products and shortened delivery periods and creating new markets.

The number of companies in the mold industry in Gwangju is about 300, and they posted the total sales of KRW931.9 billion including the domestic sales of KRW685.5 billion and the export of KRW246.4 billion.

An official of Gwangju said “we expect that the export will increase thanks to the high-tech mold center equipped with precision processing and test production equipment, which will serve as the foundation for developing high value-added mold,” and added “we are committed to growing the industry, so that its sales will increase by 150% to KRW1.5 trillion by 2015 compared to last year.”

Source Text

Source: Yonhap News (April 24, 2011)

**This is an English translation of a Korean news article.