U.S. firm to expand copter parts plant in Korea

By Lee Joon-seung
SEOUL, Sept. 25 (Yonhap) -- A U.S.-based aviation company plans to invest US$30 million to expand its helicopter parts plant in South Korea in light of the growth potential of the local market, officials here said Thursday.
Washington Times Aviation (WTA) is slated to sign a pact with the Ministry of
Knowledge Economy and the Korea Trade-Investment Promotion Agency (KOTRA) on
Friday, ministry officials said.
In partnership with Sikorsky Aircraft Corp., WTA built a helicopter parts plant
in Gimpo, west of Seoul, last year. Time Aerospace Korea, the local subsidiary of
WTA, operates several commercial S-61 and S-76 helicopters that will be
modernized and overhauled at the factory.
The ministry also said a second foreign company, reportedly involved in the
Internet industry and identified only by its initial "G", will invest several
million dollars to expand its business in South Korea.
"The exact name and size of the investment cannot be divulged at present because
the company is concerned about corporate secrets being released to the public," a
ministry official said.
Amid a downturn in foreign direct investment (FDI) in recent years, South Korea
has pledged to offer cash payments, ease red tape and give tax benefits in an
effort to lure more foreign investors.
In 2007, the country attracted $10.5 billion in FDI, down from $11.2 billion the
previous year.