14:37 | 09/11/2017 Economy
Mando CEO and president Sung Il-mo, along with representatives of over 80 businesses from the Republic of Korea (ROK), had a working session with the authorities of the southern province of Binh Duong to explore investment cooperation opportunities on October 26.
|The meeting between Binh Duong leaders and Korean businessmen|
Chairman of the provincial People’s Committee Tran Thanh Liem said that the locality recorded an average annual growth rate of 8.5%. The industrial development index increases over 10% per year, while the foreign direct investment (FDI) stands at over US$27.9 billion, he cited.
He recognised the significant contributions made by the Korean firms to the local social-economic development, adding that the ROK came third among 62 countries and territories pouring investment in Binh Duong.
More than 630 enterprises from the ROK have been investing in Binh Duong with a total capital of nearly US$3 billion, he noted.
In the first six months of 2017, investment from the ROK continued to be poured into 16 new projects, whilst 17 existing projects registered to increase their capital, with a total of US$306 million.
He highlighted the ROK’s major investment projects, such as the car tire production worth US$220 million of Kolon Industries and the apparel production worth US$25 million of the Sewang garment-textile company.
Sung Il-mo said that his group has an annual revenue of over US$5.5 billion and specialises in manufacturing automobile spare parts.
Mando will continue exchanging views with the local authorities after this field trip to make investment in Binh Duong as soon as possible, he added.
The same day, the Korean business delegation visited a number of local factories and met with the leaders of Binh Duong Investment and Industrial Development Corporation (Becamex).