Denso will spend US$56.5m (KRW60.3 bn) to build a research and development center in Uiwang City, Gyeonggi Province.
On 4 July, Gyeonggi Province announced that Uiwang City, Invest Korea of KOTRA and Denso had signed a memorandum of understanding to invest in Poil Intelligent Town in Uiwang City, Korea’s Electronic Times reported.
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Gyeonggi Province noted that Denso appeared to appreciate the significance of the Korean auto industry in a global sense.
Denso’s investment drew domestic attention due to full support from Uiwang City and administrative support from Invest Korea and Gyeonggi Province. Support from a government agency and a metropolitan government is seen as ideal to help a city government attract such an investment.
