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North Jeolla Province, Gimje city, and Gimje Free Trade Authority signed a memorandum of understanding (MOU) with five promising small- and medium-sized companies.

According the MOU, the five companies will invest KRW 27.5 billion in 92,000 m2 site by 2013 and create 200 new jobs.

Out of the five companies that signed the MOU, three companies produce automobile parts and machinery in South Gyeongsang Province which supply to Tata Daewoo and GM Korea, leading to expectations for synergy with regional strategic industries in North Jeolla Province.

Another joint venture company will also be moving into the free trade zone.

The Gimje Horizon Industrial Complex is scheduled to be completed by the end of this year. Three companies and an agricultural research center is now in operation, and investment negotiation with five Korean and foreign companies are currently underway.

Source Text

Source: Newsis (Aug. 26, 2013)

** This article was translated from the Korean.