SEOUL, Jun. 11 (Korea Bizwire) — Chinese solar power company CNPV signed an agreement to develop 300 billion won (US$ 270 million) plant facilities for solar cell and module production in Saemangeum, on June 10 at an investment briefing in Yeouido.
CNPV’s ‘Greenfield’ investment is the largest investment in Korea from a Chinese company.
According to an official from the Korea Agency for Saemangeum Development & Investment (KASDI), 238.3 billion won (US$ 214) will be invested in constructing solar cell plants, and the project will lead to the creation of more than 300 jobs.
CNPV’s direct investment is the first fruit of a Korea-China agreement in July 2014 to develop an economic complex in Saemangeum.
CNPV said that the company decided to invest in Korea to benefit from the ‘made in Korea’ mark on their products, as solar cells and modules produced by Chinese companies are heavily taxed in America and Europe.
The KASDI said five companies, including Japanese Toray Advanced Materials, Belgian Solvay and Korean OCI, have decided to invest 1.23 trillion won (US$ 1.10 billion) collectively in Saemangeum.
As Korea and China have recently signed a FTA, the two countries are increasingly materializing plans for the development of economic cooperation complexes.
By J. W. Choi (email@example.com)