Gyeonggi Province, together with KOTRA and Ministry of Industry, Trade, and Energy, held an IR session in Tokyo on June 11 to attract investment from businesses specializing in parts and materials.
The session drew attention as the first IR session held following the inauguration of the Park Geun-hye Administration in February this year. It is also noteworthy that it was held in Japan amid the current diplomatic tension between the two countries, and that more than 200 business representatives applied for participation in excess of about 100 expected by the provincial office.
The ceremony celebrating the decision on additional investment in Gyeonggi Province by Nippon Electric Glass (NEG) of Japan, the world’s No.3 LCD glass panel manufacturer, was also held during the session.
In 2006, NEG established Paju Electric Glass, a joint venture with LG Display, in Paju, Gyeonggi Province and started performing the work of processing and cutting glass panels there. Today, the joint venture in Paju is carrying out the entire work process including fusion and molding. The Japanese business has invested a total of $500 million in business in South Korea; the ceremony held this time is for its additional investment of $220 million.
Gyeonggi Province plans to attract more Japanese parts and materials businesses with advanced technologies – including SMEs – with the help of expert institutions, such as The Sangyo Times and the Yano Economic Research Institute.