Chungcheongnam-do

▲ Signs a memorandum of understanding (MOU)

Chungcheongnam-do has attracted the first ever foreign investment from Malaysia.
Governor An Heejung of Chungcheongnam-do signed the MOU on August 12 in Kuala Lumpur with NextGlass. The ceremony was attended by Michael Yang, CEO of NextGlass, Datuk Gideon Thor, KL Management Services' Chief Investment Officer, and Seo Cheol-mo, the Deputy Mayor of Cheonan.

Under the MOU, NextGlass will invest 20 million dollars until 2019 and build a Smart Glass factory on a 27,138㎡ area in the foreign investment zone in Cheonan 5th General Industrial Complex. Smart Glass is an advanced material made by attaching multiple layers of special films on one or two sheets of glass. It is widely used for show windows at department stores, exterior materials for buildings, windows and doors of apartment buildings, and automobiles for sound and heat-proof effects and blinds function.

NextGlass has applied for a patent on its technologies including electronic blinds, solar blinds, walls with built-in Smart Glass, and electronic control of Smart Glass. The company plans to establish a joint venture with 31% invested by Malaysia and 61% invested by the US and Korea.

Chungcheongnam-do expects the investment, if executed as planned, to generate 240 billion won in sales, create 100 jobs, induce production worth 400 billion won, and create added value of 800 billion won over the next five years. In addition, the investment is forecast to generate exports worth 120 billion won and create import substitution effect of 200 billion won. The effects are also seen to trickle down to other industries including construction, interior, and advertisement.

“I am excited about the new way of life that will be brought to us by the state-of-the art technology of NextGlass. We will provide maximum support to ensure that NextGlass will reap the desired outcomes from its investment in our province and successfully secure the world’s leading technology and first-class production facility,” Governor An said at the ceremony.

NextGlass CEO Michael Yang and CIO Datuk Gideon Thor expressed hope that the MOU will be a first step toward building a solid partnership between Chungcheongnam-do and Malaysia and promised to do their best to be of help in the development of the province.