LED manufacturer Global Design Solutions (GDS) has met with Korean Gyeonggi province delegates to sign a memorandum of understanding for the investment of $2m into South Korea.
The agreement will see GDS, which has offices in Korea’s Gyeonggi province, make a ‘significant investment’ into the Asian country. A hundred jobs in both Bristol and Korea will also be created as a result of the signing over the next five years.
The event took place at Bristol’s Leigh Court and was joined by UK international trade secretary Liam Fox and South Korea’s assistant governor for economy and labour in Gyeonggi province, Shin Whoan Park.
Park comments: “This collaboration between GDS and Gyeonggi will serve as a chance to jointly advance into the Asian and European market. I believe this investment will become good practice of global cooperation at both the country and business level.”
GDS CEO, Richard Cuthbert, adds: “I am very much looking forward to working with the team to nurture and grow the GDS group for the benefit of UK trade and manufacturing as well as growing the South Korean economy.”
Fox concludes: “Supporting UK companies to invest in overseas markets is a core component of what my international economic department does and it has real benefits for people here at home in the UK. GDS’ investment in South Korea is the perfect example of this, helping them to achieve year on year growth of 30% and creating new jobs for people in the South West.”
Since 2017, the GDS Korea offices have been based in Gyeonggi province to benefit from the progressive growth in the area. During this time, GDS has successfully utilised its technology to facilitate growth for both local and export markets in UK and Korea.