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.
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.
