Taiwan-Korea Joint Venture to establish in DGFEZ
On August 9th, Moreens Corporation and Taiwanese company Lih Feng Jiing held a signing ceremony to announce the establishment of a USD 6 million joint venture within the Yeongcheon Industry District of the Daegu Gyeongbuk Free Economic Zone (DGFEZ). The newly established joint-venture will manufacture automotive muffler components and packing materials, beginning in August 2014.
Among the people in attendance were DGFEZ Commissioner Byung-Rok Choi, Vice-Governor of Gyeongbuk Province In-Sun Lee, Mayor of Yeongcheon YoungSuk Kim, Representative of Moreens Corporation Ja-Woo Cheon, and Representative of Lih Feng Jiing Kevin Tung.
Moreens Corporation is located on DoNam-Dong, Yeongcheon, in Gyeongbuk Province. Established in 2010, it has reached annual sales of approximately USD 9 million and has 200 employees. The company is specialized in insulator production supplying LG Chem, Hyundai Heavy Industry, Samsung Heavy Industry, and Hyundai Oil Bank among others.
Lih Feng Jiing, located in YongGang District of Tainan City, Taiwan has recorded approximately USD 12 million in annual sales with 100 employees. The company’s main focus is stainless wire shaping (vibration, noise), silencers, engine hood covers, and insulating materials for muffler exhaust system. Lih Fen Jiing’s customers include Honda, Toyota, Mitsubishi, Nissan, and Hyundai motors.
The joint-venture of Moreens Corporation and Lih Feng Jiing to Yeongcheon Industry District is expected to contribute positively to automotive parts-related companies and community by creating hundreds of jobs to the region. Yeongcheon Industry District continues its development as a prime location for the high-tech automotive manufacturing. To date in 2013, PNDT, a Korean-Japanese JV company broke ground on its factory, to manufacture damper pulleys, while Daicel Safety Systems Korea completed its plant construction to produce.
DGFEZ Commissioner Byung-Rok Choi stated that in accordance with job creation, DGFEZ will attract foreign investment companies using a multipronged approach focusing on North East Asia, North America, and Europe.
Source: DGFEZ Investment Strategy Team
