[Sponsored Report] Tsubakimoto Chain Co. signs $25 million MOU

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[Sponsored Report] Tsubakimoto Chain Co. signs $25 million MOU


Pictured from left to right: Ha Myeng-keun, commissioner of the BJFEZ Authority, Osa Isamo, president of Tsubakimoto Chain Co., and Choi Kyung-hwan, Knowledge Economy minister.

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.
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