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South Korean investment booms in Wuxi

Updated : 2017-01-23
(chinadaily.com.cn)

Wuxi National Hi-tech District (WND) became home to the regional sales headquarters of LG Hausys, a subsidiary of South Korea's LG Group, on Jan 12, Wuxi Daily reported.

The manufacturing branch of LG Hausys in Wuxi was founded in 2011 and is worth an investment volume of $67 million. It is engaged in the manufacturing of energy-saving building materials and decorative automotive materials. The newly settled regional sales headquarters is expected to yield an annual sales revenue of up to 1 billion yuan ($145 million).

Oh Jang Soo, president and CEO of LG Hausys, said that Wuxi has complete industrial chain and high-level labor compared to other Southeast Asian regions. "The WND government selected a South Korean professional to act as the investment franchiser for the project, promoting communication between both sides", said Oh.

To date, WND has been home to over 150 South Korean enterprises, including Samsung, SK Hynix, Hyundai Mobis, LG and Lotte, accounting for more than 90% of Wuxi's total foreign enterprise investments. The total sale volume of these enterprises in WND reached more than 25 billion yuan ($3.7 billion) in 2016.

In addition, WND and South Korea's ChungBuk Free Economic Zone (CBFEZ) have joined hands to establish an industrial zone promoting bilateral cooperation in industrial development, technological and financial innovations and trade services.

Samsung SDI’s polarized film production factory in WND awarded an honorary banner to the district government in order to say thanks for its excellent government service. Samsung SDI, a subsidiary of South Korea's Samsung Group, signed a cooperation agreement with WND on May 25, 2015 to settle its polarized film project in the district. The project finished the company registration procedures and construction approvals within just three months.

There are many commercial facilities in WND catering to more than 5,000 South Koreans, especially SK Telecom’s international medical center and Lotte Mart, promoting the settlement of more South Korean projects.

 

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