The Hanoitimes - Mando CEO and president Sung Il-mo along with representatives of over 80 businesses from the South Korea had a working session with authorities of Binh Duong Province on October 26 to explore investment cooperation opportunities.
Chairman of the provincial People’s Committee Tran Thanh Liem said the locality recorded an annual average growth of 8.5 percent. The industrial development index increases over 10 percent per year while the foreign direct investment (FDI) stands at over 27.9 billion USD, he cited.
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 investment in Binh Duong. More than 630 enterprises from the RoK have been investing in Binh Duong with a total capital of nearly 3 billion USD, he noted.
In the first six months of 2017, the RoK’s investment continued to pour into 16 new projects whilst 17 existing ones registered to increase capital of 306 million USD. He highlighted the RoK’s major investment projects such as the car tire production worth 220 million USD of the Kolon Industries and the apparel production worth 25 million USD of the Sewang garment-textile company.
Sung Il-mo said his group has annual revenue of over 5.5 billion USD and specialises in manufacturing automobile spare parts. Manando will continue exchanging views with local authorities after this field trip to make investment in Binh Duong as soon as possible, he added.
The same day, the RoK business delegation visited some local factories and met with leaders from Binh Duong Investment and Industrial Development Corporation (Becamex).
Tuan Minh - Kien Nguyen