[Sponsored Report] BJFEZ, WILO sign pump deal
In a bid to attract more foreign investment, Ha Myeng-keun, commissioner of the Busan?Jinhae Free Economic Zone Authority, reached an MOU with Holger Krasmann, chief operating officer of Germany’s WILO SE, one of the leading manufacturers of pumps.
Through the agreement for a $30 million investment, WILO Pumps Ltd. will construct a factory in Busan to manufacture liquid pumps and motors for pumps.
Established in December 2000, WILO Pumps is a leading company in the supply of pump systems for buildings’ water supply. It had annual sales of 145.6 billion won in 2010. This investment will create 400 jobs in the Busan region. It is expected to create even more positive economic effects if workers and their families move there.
The Mieum complex where the factory is being built covers 328,000 square meters and is set to open by the end of the year. As of February, 50 percent of the construction has been completed.
BJFEZ Authority is discussing with the central government to designate the area a foreign investment zone, so government funds can be made available.
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