Jeonnam Province Kicks Off This Year’s Goal to Attract 300 Companies

Six Companies Invest 347.1 Billion Won in Gwangyang Agreement

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province has taken the first step toward achieving its goal of attracting 300 companies this year.

On the 11th, Jeonnam Province announced that it signed investment agreements with six companies investing in Gwangyang, creating 178 new jobs with a total investment of 347.1 billion KRW.

The signing ceremony was attended by Kim Gi-yeol, CEO of HS Energy Co., Ltd., Kim Byung-sook, President of Korea Western Power Co., Ltd., Choi Seok-woo, CEO of Gyeongnam Steel Co., Ltd., Kim Gi-seok, CEO of Power Engineering Co., Ltd., Kim Byung-chul, CEO of Enginewon Co., Ltd., Kang Soon-woo, President of Woori Packaging Co., Ltd., Kim Young-rok, Governor of Jeonnam Province, Lee Yong-jae, Chairman of Jeonnam Provincial Council, and Jung Hyun-bok, Mayor of Gwangyang.

This agreement is regarded as a significant achievement in establishing a clean energy city foundation.

The contracted companies have close ties with POSCO Gwangyang Steelworks, which forms the backbone of the major industries in the Gwangyang area, and are expected to greatly contribute to revitalizing the local economy.

HS Energy Co., Ltd. and Korea Western Power Co., Ltd. will jointly invest 330 billion KRW to build a 50MW LNG hydrogen fuel cell power plant on a 5,916㎡ site in Chonam-ri, Gwangyang-eup, employing 70 people.

Gyeongnam Steel Co., Ltd. has operated a cold-rolled and hot-rolled steel sheet processing plant in the Jangnae district of the Gwangyang National Industrial Complex since 2011, using 100% of the steel plates produced by POSCO Gwangyang Steelworks. Their products are supplied to GM KOREA, Renault Samsung Motors, Hyundai Mobis, and others.

Due to recent increased demand for steel sheets, they will invest an additional 6.1 billion KRW to expand their second Gwangyang plant by 3,534㎡.

Power Engineering Co., Ltd., a Jeonnam-type small and strong enterprise, is a company promoting renewable energy projects (consulting, engineering, construction, etc.). To expand its business, it will invest 5 billion KRW to establish a solar structure manufacturing plant on a 5,347㎡ site in the Iksin Industrial Complex in Gwangyang, employing 50 people.

Enginewon Co., Ltd. is a maintenance company for generators and motors of large-scale power plants and large plants. Based on excellent construction capability and technology, it will invest 3.6 billion KRW to build a factory on a 3,621㎡ site in the Shingeum Industrial Complex in Gwangyang to directly produce generator parts and large-capacity/special motors, employing 30 people.

The produced products are planned to be supplied to KEPCO KPS, POSCO, and thermal power plants.

Woori Packaging Co., Ltd. is a corrugated cardboard box manufacturer. To secure increasing order volume and stable supply, it will invest 2.4 billion KRW to build a new factory on a 5,545㎡ site in the Iksin Industrial Complex in Gwangyang, employing 20 people. The produced products will be sold to LG Chem, Orion, Kumho P&B, Nonghyup, and others.

Kim Young-rok, Governor of Jeonnam Province, said, “I believe that companies deciding to invest in Gwangyang, a global logistics hinterland including POSCO Gwangyang Steelworks, Gwangyang Bay Area Free Economic Zone, and Gwangyang Port, will have strong competitiveness in global markets such as China and Japan.” He added, “We will do our best to support Gwangyang City so that these companies can grow and develop significantly as representative companies of Jeonnam through this investment agreement.”

Meanwhile, Jeonnam Province aims to attract 1,000 companies by 2022 and has signed investment agreements with 434 companies totaling 13.5132 trillion KRW so far.

This content was produced with the assistance of AI translation services.