INVESTMENT

News on Major Investments in IFEZ

Concludes Investment
Cooperation Agreement with AIT Co., Ltd.

An electric and electronic parts production and R&D facilities will be established in Cheongna International City in response to the Fourth Industrial Revolution.
On March 6, IFEZ signed a mutual cooperation agreement with AIT Co., Ltd. (AIT), the electric and electronic parts manufacturer. According to the agreement, the two agencies will develop a close cooperative relationship for the investment in AIT’s production and R&D facilities inside Cheongna International City in IFEZ, engage in multilateral cooperation to sophisticate the advanced manufacturing industry inside Cheongna Incheon
High Tech Park (IHP), and make joint efforts to recruit local people with competence to AIT. AIT will invest approximately 11 billion won in a 7,503 site inside Cheongna IHP, start the construction at the end of this month, and complete it in September.
AIT’s production and R&D facilities will be an advanced production line applying the latest in smart factory technology of America’s INNOTEC, a joint venture company.
INNOTEC is one of ‘America’s 100 Small Giants’ according to Forbes and has unparalleled technology in LED lighting. The production facilities of AIT to be constructed this time will not only apply the automated process line designed by INNOTEC and initiate echnological transfers through the technological tie-up with INNOTEC.
Commissioner Jin-yong Kim of IFEZ said, “I am quite happy to induce an advanced manufacturing company related with the Fourth Industrial Revolution to Cheongna International City,” and added, “IFEZ will not only induce related companies for the smartification and sophistication of the manufacturing industry of the Cheongna region, but also do its utmost to become the advanced base for the Fourth Industrial Revolution.”

[Company Introduction]

AIT Co.

Establishment : Established in collaboration with INNOTEC Inc. of the United States
Business Field : An electric and electronic parts production and R&D facilities
Corporate Scale : Sales about 11 billion won, number of employees 70

INNOTEC

Establishment : 1992(Head Office: Zeeland, Michigan)
Business Area : LED Lighting Solution Development
Corporate Scale : 90 million dollars in sales (approximately 100 billion won), Employees 400, 20 or more US patents, production facilities in the USA, China, Europe, and Mexico

[Main contents of a contract]

Contents of a contract

Construction of Fourth Industrial Revolution Related Electric and Electronic Parts Manufacturing and Research Facilities

Size

Site inside Cheongna IHP(to be completed in September 2019)  7,503

Cost

110billion won

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