A U.S.-based high-tech investment firm, JABEZ International Corporation, will invest about 120 billion won (US$100 million) in the Digital Media City (DMC) in Sangam-dong, Seoul.
Seoul City and JABEZ International signed a memorandum of understanding (MOU) to cooperate and jointly promote the DMC on April 2. Under the MOU, JABEZ International will set up its services for car navigation devices, black boxes, LED lighting, and intelligent transportation system in the DMC.
JABEZ International develops and exports technologies such as LCD monitors, LED, car navigation, black box, and Radio Frequency Identification (RFID).
In August last year, JABEZ International signed another MOU with Seoul City to invest a total of $50 million in the DMC and jointly promote the DMC project. JABEZ International subsequently opened its office in the DMC High-tech Industry Center.
Seoul City said the latest MOU with JABEZ International offered a chance to put the DMC on the global stage by solidifying its status as a ”global business hub.” Also, the city said it will continue to advertize the DMC’s competitiveness to foreign investment companies and provide active support to lure foreign investment.
In addition, JABEZ International expressed a willingness to actively participate in various efforts by Seoul City to nurture high-tech companies in the DMC by cooperating and sharing experiences with promising venture start-ups in the DMC.
In particular, the latest MOU is expected to create synergy with local developers of car navigation systems in the DMC, as JABEZ International vowed to cooperate with them.