ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan City sent an investment promotion team led by Jun Gyeong-sul, director of the creative economy division, to London, Geneva, Hamburg and Frankfurt from April 8 to 13.

The investment promotion group will present Ulsan's investment environment and incentives to global companies with technological expertise in fine chemicals and secondary battery materials, that are considering joint ventures with Ulsan companies to expand into new businesses.

The group plans to discuss customized investment consultation and support measures, and attract actual investments through detailed investment interviews.

On April 9, the group will visit company "B" in London, known for its long history and leading role in the global energy and chemistry industry. They will discuss possible investment opportunities for projects to expand existing production facilities for the smooth supply of fine chemical products.

On April 10, the group will be in Geneva to meet with Integral Petroleum, a raw material trading company that is expanding its business overseas.

The plan is to promote Ulsan's oil hub business in Northeast Asia and to persuade investors to invest in oil hubs in Ulsan's northern port, which will have completed top facilities such as storage tanks by 2020.

On April 11, the group met with Aurubis, a secondary battery material business, that is considering a joint venture with LS. Aurubis is located in Hamburg.

On the last day, the group met with Zschimmer & Schwarz and Klimatechnik Weiss, two companies considering expanding their global fine chemicals and machinery business by investing in and upgrading Ulsan's core industries.

Here, the group introduced potential areas and incentives for investment, and exchanged ideas on how Ulsan city can play a supporting role.

Jun stated, "We will do our utmost to create an excellent investment environment in Ulsan and support foreign investors. We will do our best to achieve visible investment results and continue to advance our flagship industries and lead the Fourth Industrial Revolution." He also added, "We will continue to put our efforts toward attracting foreign investment."

As of March, Ulsan's total FDI (reported basis) was valued at USD 3.45 billion. Last year, there were 13 cases of FDI that totaled over USD 539.6 million.

young@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (Apr. 08, 2018)