Memorandum of Understanding Signed with NGVI of Canada

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Busan-Jinhae Free Economic Zone Authority

2005-09-23 09:44

Busan--(뉴스와이어)--As the Busan Science & Industrial Park’s popularity increases, a Memorandum of Understanding (MOU) was signed today among the Busan‐Jinhae Free Economic Zone Authority (BJFEZ), Busan Metropolitan City Government and NGVI, a Florida‐based natural gas vehicle company which plans to invest US $2.5 million for the construction of a manufacturing plant within the park.

According to the MOU contents, NGVI intends to rent 6,600 m2 of space within the Busan Science & Industrial Park for the establishment of a new factory while agreeing to hire 20 or more employees from the Busan area. In return, the BJFEZ Authority and Busan Metropolitan City Government will provide personalized administrative assistance and investment incentives as applicable.

“Today’s MOU is wonderful news for the BJFEZ Authority,” says Commissioner Chang Soo‐Man, “and we will do all that we can to assist NGVI in the establishment of their factory within the Busan‐Jinhae Free Economic Zone.”

The BJFEZ consists of an area totaling 25,900 acres and includes projects such as a new 30‐berth container port to be completed in 2010, as well as the Busan Science & Industrial Park which will open in August of this year. Other developments include an international business city, foreign residential areas, manufacturing, R&D and logistics industries as well as tourism and leisure projects. The Authority is also working to attract the establishment of international schools and hospitals within its boundaries. The entire developmental project is scheduled for completion by the year 2020.

웹사이트: http://www.bjfez.net