GWANGJU < invest Korea

According to Yonhap News,

    Gwangju city said that it signed a memorandum of understanding(MOU) with the Fraunhofer Institute for Photonic Microsystem to build OLED production facilities in Gwangju.

   Kang Un-tae, mayor of Gwangju metropolitan city, said on June 6th that Germany-based OLED research institute and its Korean partner Renetec signed a MOU to invest 140 million euros for the project.

   Under the MOU, the German Institute will cover 25% of investment cost by 2013, and break ground this year if Gwangju city provides land.

   Gwangju city plans to create an OLED valley in the Jingok Industrial Complex by attracting materials, parts, and equipment makers related to OLED industry. It also plans to file 330,000 m2 site in the Industrial Complex as a foreign investment free zone.

   Fraunhofer Institute is a world-class institute established in honor of the 18th century physicist Joseph von Fraunhofer. It has 80 research institutes and 16,000 researchers.

   Mayor Kang said that the MOU will help Gwangju to become a leader in the optical industry, because the introduction of Fraunhofer technology will create a revenue-generating system. He also said that the city will support Gwangju branch of Fraunhofer Institute to the fullest to make it a central institute in Asia.


Source text
Source: Yonhap News(June 7, 2011)

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