< Signing memorandum of understanding (MOU) for attraction of business at Ulsan area head office > Gyeongju-si signed a memorandum of understanding with SONGJAE INDUSTRIES Co. Ltd. and SJ SYSTECH Co.,Ltd. at Office of Foreign Cooperation of Gyeongju City Hall on October 8, 2013.

SONGJAE INDUSTRIES Co. Ltd. is a subcontractor of HYUNDAI HEAVY INDUSTRIES Co.,Ltd. located in Ulsan, specialized in manufacturing forklift, components for excavators, equipment and material for engines and equipment and material for shipbuilding with domestic factories and international factories (2 factories in China, 1 factory in India). SJ SYSTECH Co.,Ltd. is a subsidiary corporation separated from SONGJAE INDUSTRIES Co. Ltd.

Due to the small Ulsan factory site compared to the growth and expansion of company, SONGJAE INDUSTRIES Co. Ltd. and SJ SYSTECH Co.,Ltd. moved to Mohwa General Industrial Complex in Gyeongju with good industrial infrastructure, such as low price of land and traffic network, and close to main company being delivered, HYUNDAI HEAVY INDUSTRIES Co.,Ltd. compared to Ulsan.

Site area of SONGJAE INDUSTRIES Co. Ltd. moved to Mohwa General Industrial Complex is 27,407㎡, amount of investment is 16 billion KRW, and number of employee is 210. SJ Site area of SYSTECH Co.,Ltd. is 19,426㎡, amount of investment is 13 billion KRW, and number of employee is 180. Construction was started in last July and it is completed in this December.

While investments from companies are shrinking and nationwide industrial complex unsold phenomenon due to the European economic crisis and aftermath of low exchange rate of the yen, Gyeongju-si is taking a role of leader of job creation and regional economy by signing investment agreement (MOU) with a mid-size company called BEOJEONG Co.,Ltd. since there are continuous business attractions.