RoK businesses explore investment in Binh Duong Province
RoK businesses explore investment in Binh Duong Province
Mando’s CEO and president Sung Il-mo, along with representatives of over 80 businesses from the Republic of Korea (RoK), held a working session with provincial authorities on Thursday to explore investment opportunities.
Chairman of the provincial People’s Committee Tran Thanh Liem said the locality recorded annual average growth of 8.5 per cent. The industrial development index increased over 10 per cent per year, while foreign direct investment (FDI) stood at over US$27.9 billion.
He recognised significant contributions of Korean firms to the local social-economic development, adding that the RoK came third among 62 countries and territories pouring money into Binh Duong.
More than 630 enterprises from the RoK are investing in Binh Duong with total capital of nearly $3 billion, he noted.
In the first six months of 2017, the RoK’s investment continued to pour into 16 new projects, while 17 existing projects registered increased capital of $306 million.
He highlighted the RoK’s major investment projects, such as Kolon Industries’ car tyre production worth $220 million and Sewang garment-textile company’s apparel production worth $25 million.
Sung Il-mo said his group earned annual revenue of over $5.5 billion and specialised in manufacturing automobile spare parts.
Manando will continue exchanging views with local authorities after this field trip to ensure more investment in Binh Duong at the earliest, he added.
The same day, the RoK business delegation visited some local factories and met with leaders from the Binh Duong Investment and Industrial Development Corporation (Becamex).
