Japanese home goods firm to build $50m plant in Songdo Special Economic ZoneAll Articles
Iris Ohyama has signed a memorandum of understanding with South Korean regional government to set up a factory and a research and development center in a free economic zone in Incheon.
The company agreed to spend more than $50 million and build a factory for home appliances and everyday goods and an R&D facility on roughly 27,000 square meters of the Songdo Special Economic Zone in Incheon, west of Seoul. The manmade island of Songdo was designed ambitiously as an international gateway and an experimental venue for a free economic zone nearby the capital.
Iris Ohyama, which develops, manufactures and sells household products and LED lighting products, is the No. 2 housewares manufacturer in Japan in terms of sales on Amazon Japan, with its annual sales posting 3.6 trillion won (US$3.14 billion). The company has some 11,000 employees and 16 manufacturing bases worldwide.
Kentaro Ohyama, the Korean-Japanese chairman of the Iris Group, said in a statement, "The output from the Songdo plant will be shipped to the U.S. and European markets and we hope we will make contributions to society as well as invigorate the local economy."
Incheon Free Economic Zone in South Korea
Incheon Free Economic Zone was the first FEZ designated area in Korea, in August 2003, on the 169 km2 area comprising Incheon International Airport, Incheon Port, Songdo, Yeongjong, and Cheongna International City. The Korean government selected IFEZ as a global business outpost promoting free economic activities. It is now developing into an international urban central hub.
Anticipated Population - 512,000
Development Period - 2003 ~ 2020
Designation - 2003. 8. 11
Area - Total 169.5km 2 (3 times Manhattan / 70 times Yeoido)
- Songdo (Commerce, IT/BT),
- Yeongjong (Logistics, Tourism),
- Cheongna (Business/Finance, Tourism/Leisure, Cutting-edge technology industry)
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