S Korea Invests US$500 Mn in East Java

VIVAnews - South Korea invests US$500 million in East Java through a firm Cheil Jedang for cassava processing. Up until 2014, the total investment reaches US$800 million.

Earlier, Cheil Jedang put in US$300 million in Ploso, Jombang, East Java.

"A confirmation is made. I am signing the agreement in Seoul, South Korea, today," said East Java Governor, Soekarwo, on Thursday.

Soekarwo said the investment is resulted from the rapid growth of East Java's Incremental Capital Output Ratio (ICOR) of 3.7 percent. It was reported that Vietnam and Taiwan also gained the level.

Soekarwo will also ratify several other agreements with six companies.

Pakde Karwo mejelaskan dalam pertemuan itu juga berhasil menarik investasi sebanyak US$52 juta. Itu merupakan penambahan investasi dari enam perusahaan asal Korea Selatan yang ada di Jatim.

The agreement signing by both governors marked 15 years of partnership between Gyeongsangnam-do and East Java.

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Coverage by : Tudji Martudji | Surabaya