Busan-Jinhae Free Economic Zone(BJFEZ) said on August 31 that it will sign a memorandum of understanding(MOU) with Fujikin Korea on September 1st.

Fujikin Co. is expected to invest USD 20 million to build factories in an industrial complex exclusive for foreign investors within the BJFEZ.

Established in 1930, Fujikin is one of the world’s leading manufacturers of flow control equipment for the semiconductor, pharmaceutical, petrochemical, nuclear energy, and chemical industries. The company supplies core parts to a wide range of industries.

The construction of factories will enable the domestic production of flow control valves which are now imported from Japan. It will also enable domestic companies to learn core technologies from Fujikin, contributing to the development of machinery and parts industries.

Fujikin Korea plans to export 50% of products produced in Korea, which is projected to bring in a lot of revenues from overseas.

An official from the BJFEZ said that the investment of Fujikin Korea is expected to increase interests on investment in the BJFEZ among Japanese companies.

Source: Yonhap News (August 31, 2011)