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South Korea will create two new zones for foreign investment
South Korea has identified two new zones for foreign investment (FIZ), according to news agency RUSKOR. One of them will be located in the port city of Ulsan, and the other in Yesan (South Chuncheon Province), according to the Ministry of Commerce, Industry and Energy. Each of the zones is an example of one foreign investment company.
Currently, 89 special investment zones are operating in South Korea.
A joint venture of SK Chemicals Co, a South Korean company, and Teijin-Initz, a Japanese chemical and pharmaceutical company, will be located in the Ulsan zone. The company plans to invest about 350 billion won (US $ 343,5 million), including $ 58 million as foreign direct investment, to produce polyphenylene sulphide, a highly effective plastic used in the automotive and mechanical engineering industries, the ministry said.
The Yesan zone will house NRG, a joint venture between South Korean and American investors that will produce solid fuels. The company plans to invest about 129 billion won and employ nearly 200 locals.