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Chungbuk (CBFEZ) | CBFEZ signed an investment agreement for 30 miilion USD with a chinese company.
The Chungbuk Free Economic Zone (CBFEZ) announced that it signed an investment agreement on Tuesday,
October 22 for 30 million USD (around 36 billion KRW) with a Chinese company in the business center at Cosmetics
& Beauty Expo, Osong Korea 2019. Chungcheongbuk Province Governor Si-Jong Lee attended the agreement signing,
along with the representatives of two companies: Manyuan Yang, Chairman of the Board of China Shaanxi Heongjong Group,
and Chairman Yoon-Ho Lee of Korea Cospack.
China Shaanxi Heongjong Group, which signed this investment agreement, is located in Daedong, Shaanxi and
manufactures cosmetics related to milk vetch root. Through this investment agreement, the China Shaanxi Heongjong Group
is planning to establish a joint-venture company with Korean cosmetics firm Korea Cospack and invest around 30 million USD
(36 billion KRW) in a 10,800 m2 site within the Osong Biopolis from 2020 to 2022, and hire 200 people. Also, based on
this investment agreement, the two firms plan to work on development and production of competitive cosmetics and search
for sales channels in the Chinese market.
CBFEZ Commissioner Hyeon-Sik Jeon declared, “It has not been easy for Korean companies to establish themselves on
their own in the Chinese market. We anticipate that after establishing this joint-venture with the Chinese partner,
Korea Cospack will be able to grow more aggressively in China. Also, though we have had success attracting Korean companies
to CBFEZ, our results with foreign capital have been somewhat more subdued. Taking this investment agreement as a starting point,
CBFEZ is planning to work even harder to attract Chinese capital.”