[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.