The Investor

Vol. 50

 

U.S. Auto Supplier Visteon Signs MOU with the Busan-Jinhae Free Economic Zone Authority

 

As vacant space within the Busan Science & Industrial Park continues to fill up, the Busan-Jinhae Free Economic Zone Authority signed yet another Memorandum of Understanding with an American auto-parts company for an investment worth US $16 million.

 

Commissioner Soo-Man Chang and Busan city mayor Nam-Sik Hur signed the agreement with Visteon representatives on October 13 at Busan City Hall.

 

Visteon, based out of Michigan with 117 factories in 24 countries, will establish a new 19,800 m² facility where it will produce instrument panels, door trims and other parts. It currently supplies products to companies including Renault-Samsung Motors, Ssang Young Auto Company, BMW, GM and Toyota.

 

“It is expected that their investment will greatly contribute to the local economy and further develop the regional auto and mechatronics industry,” Commissioner Chang said. “I promise Visteon our full-fledged service throughout the investment process as we will provide them with all the necessary support needed to make this investment a success.”

 

The company has a strong corporate history reporting $70 billion in sales for its supplied products. According to the MOU contents, Visteon has agreed to hire 170 or more new employees from the Busan area to work at its new facility.

 

 

Contact Us:

 

Jodi Kiely

Public Relations Officer/Project Manager

jodi@bjfez.net

++82-51-979-5334

 

Bill Woo

Public Relations Director

billwoo@bjfez.net

++82-51-979-5330

 

Donald Lee

Real Estate Development & Investment Director

dylee@bjfez.net

++82-51-979-5310

 

Cho Ik Geon

High Technology Industry Director

igjoe@bjfez.net

++82+51-979-5290

 

Jay Lim

Tourism & Leisure Industry Director

younglim@bjfez.net

++82-979-5370

 

Cha Sung Ryong

Port & Logistics Director

srcha@busan.go.kr

82-51-979-5299

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