GWANGJU < invest Korea

(GWANGJU = Newsis) The 12th “World Korean Business Convention”, which was held in Gwangju for the first time in Honam region, has come up with a great success including the conclusion of investment and export agreements worth USD 390 million.

The convention, which opened on 29th at the Kim Dae-jung Convention Center, held the signing ceremony for investment agreements on the last day, and more than 24 companies including Kwangmyung Daicom (President: Kim Han-sul) and Austria Youngsan Group (President: Park Jongbum) from 11 nations with 25 agreements worth USD 386.5 million were signed.

It is a remarkable growth compared to the 9th convention in Daegu, which only achieved export agreements worth USD 30 million. No agreements were concluded during the 10th and 11th conventions in Busan and Seoul respectively.

Business export consultation center also expects USD 200 billion of earnings through business exhibitions, one-on-one business meetings, conferences for buyers in logistics and business networking seminars.

Gwangmyung Daicom agreed to invest USD 25 million for the transfer manufacturing technology and construction of production facilities of orthodontic products. Youngsan Group concluded an investment agreement worth USD 15 million for establishing auto parts factory.

Japanese company Pole To Win Co., Ltd. (President: Tetsuji Tsuda) agreed to invest some USD 3 million to establish a corporate body in Korea, while Studio W.BABA Korea will invest USD 15 million for three collaborative projects with Japan and Malaysia.

Lanser (President: Eric C. Hwang), a German company in optical electronics industry, will invest USD 15 million in Gwangju to build LED factory to ensure stable supply of LED products in the European market.

LED manufacturing firms which are members of Made in Gwangju (MIG) Consortium reached export agreements for sales of LED products. MIG Consortium includes PromacLED, Innocem Korea, Neomaru, KLTech, SamjinLND, WK Inc, Yuyang Lighting HKTech. These companies currently own MIG (Made in Gwangju) brand.

MIG Consortium plans to conclude an export agreement worth USD 100 million with J&I USA Inc. (President: Kim Jeongseon) and will provide MIG’s LED products in Walmart Stores and other US markets.

IB BAROKO (President: Lee Dongwook), a Russian company in the Republic of Bashkortostan in Volga district, also reached an export agreement worth USD 50 million for providing MIG’s LED products to the Republic of Bashkortostan and other Ural economic zones.

In green and medical industries, four export agreements were concluded including the agreement between Biostar (President: Park Jin-young) and Econix (President: Koji Hutohashi) to export worth USD 4.5 million of eco-friendly waste-disposal units to Japan, while medical equipment company Nanoomtech Corporation agreed to export worth USD 5 million of automated external defibrillators to Defibrillators Australia (President: Paul Jones).

“The City of Gwangju will do its best to support the businesses.” Mayor Kang said during the ceremony. “Exports of MIG brands to Russia and the US show us the potential of MIG brands to be successful in the world and we hope that Gwangju will achieve more by cooperation and exchange with Korean businesses around the world.”

praxis@newsis.com

Source Text

Source: Newsis (Oct. 31, 2013)

** This article was translated from the Korean.