[Sponsored Report] Tsubakimoto Chain Co. signs $25 million MOU
Busan-Jinhae Free Economic Zone Authority Commissioner Ha Myeng-keun, along with Knowledge Economy Minister Choi Kyung-hwan, attended on Friday a ceremony celebrating the signing of an MOU between the BJFEZ Authority and the Tsubakimoto Chain Co. of Japan.
The MOU, which is valued at $25 million, calls for the construction of a 25,815-square-meter auto parts manufacturing facility in the Nammoon Parts and Materials Industrial Park located in the Ungdong district of the BJFEZ.
The Tsubakimoto Chain Co. is a well-known multi-billion dollar Japanese auto-parts company that supplies auto giants like Toyota.
Prior to the signing of the MOU, the BJFEZ Authority made trips to Japan to secure the deal with the Japanese auto-parts industry.
Under the MOU, the Japanese contribution will account for nearly 48 percent of the total proposed projects.
Japanese investors are crucial to the on-going development of the Busan-Jinhae Free Economic Zone.
Japan’s inward foreign direct investment in the FEZ has amounted to over one quarter the total amount in dollar terms since 2004.
with the Korea JoongAng Daily
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