Yellow Sea Free Economic Zone Authority (YESFEZ) signs agreement with Shin Heung Precision, Daeil Transportation, and Gadal Hitech on October 21
Investment in manufacturing facilities (e.g. automobile chassis) and logistics center (e.g. cold storage)
At 11:00am on October 21, the Yellow Sea Free Economic Zone Authority (YESFEZ) signed an investment agreement at Pyeongtaek BIX with Shin Heung Precision, Daeil Transportation, and Gadal Hitech in the YESFEZ conference room at Poseung-eup, Pyeongtaek. ⓒ Gyeonggi G-News
The Yellow Sea Free Economic Zone Authority (YESFEZ) successfully concluded this agreement with three companies for investment totaling KRW 27 billion in the Business & Industry Complex (BIX) in Pyeongtaek.
At 11:00am on October 21, YESFEZ signed an investment agreement at Pyeongtaek BIX with Shin Heung Precision, Daeil Transportation, and Gadal Hitech in the YESFEZ conference room at Poseung-eup, Pyeongtaek.
YESFEZ President Jeon Tae-heon, Pyeongtaek Mayor Kong Jae-kwang, the CEOs of each investing companies, Gyeonggi Provincial Assembly Vice Chairman Yeom Dong-sik, and officials of the Gyeonggi Urban Innovation Corporation and Pyeongtaek Urban Corporation attended the signing ceremony.
The investment, totaling KRW 27 billion, will be used for the construction of manufacturing facilities and a logistics center on a 38,000m2 site in Pyeongtaek BIX.
For the initial development phase, Shin Heung Precision, a chassis producer, will invest KRW 13 billion to open a manufacturing facility on a site of 16,500m2 for specially-equipped vehicles.
Distribution company Daeil Transportation will invest KRW 10 billion to construct a logistics and cold storage facility on a site also measuring 16,500m2 for its Chinese operations.
Gadal Hitech, a company with outstanding precision tool technology, will invest KRW 4 billion in the establishment of a production and R&D center on a site of 5,000m2.
YESFEZ President Jeon Tae-heon said, “We hope that these new manufacturing and production facilities and the logistics center will coordinate with Pyeongtaek Port and perform a key role in the development of our local economy.” Jeon added, “We’ll do our utmost to create optimal industrial infrastructure at YESFEZ, which is near the metropolitan area as well as Pyeongtaek Port.”
Between 2008 and 2020, a total of KRW 800.4 billion is being invested in Pyeongtaek BIX, which will be built on a 2,074,000m2 site in the Poseung-eup area of Pyeongtaek.
