Mitsubishi Electric Corporation has announced that it will build a research and development center for its affiliate company in South Korea.
 
The Incheon Free Economic Zone said on Tuesday that it signed an agreement with Mitsubishi Elevator Korea on the construction of the center.
 
Mitsubishi plans to spend about 30 billion won to build the 18-thousand-220 square-meter R&D center by 2017 in the Songdo area in Incheon.
 
Manufacturing facility as well as testing and product verification facilities will also be built on the site.
 
It is the first time the Japanese corporation has set up an elevator R&D center in the country of an overseas affiliate.