Gwangyang City Signs Investment Agreement of 347.1 Billion KRW with 6 Companies... Creating 178 Jobs

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] Gwangyang City, Jeonnam, has achieved the creation of 1,207 jobs through investments of 803 billion KRW from 34 companies since the 7th local government. On the 11th, it secured another large-scale investment agreement.

According to Gwangyang City on the 11th, the city, together with Jeonnam Province, signed an investment agreement in the city hall situation room with six companies including HS Energy Co., Ltd. and Korea Western Power Co., Ltd., investing a total of 347.1 billion KRW to create 178 new jobs.

Attending the agreement ceremony were 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-cheol, CEO of Enginewon Co., Ltd.; Kang Soon-woo, President of Woori Packaging Co., Ltd.; along with Kim Young-rok, Governor of Jeonnam; Jeong Hyeon-bok, Mayor of Gwangyang; Lee Yong-jae, Chairman of Jeonnam Provincial Council; and Kim Seong-hee, Chairman of Gwangyang City Council.

This agreement marks a significant achievement in establishing a clean energy city foundation and is closely related to POSCO Gwangyang Steelworks, which forms the basis of major industries in the Gwangyang area, thus expected to contribute to revitalizing the local economy.

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

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

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

Power Engineering Co., Ltd., a Jeonnam-type small and strong enterprise, promotes renewable energy (such as solar power) projects including consulting, engineering, construction, and supervision. To expand their business, they will invest 5 billion KRW on a 5,347㎡ site in Iksin Industrial Complex, Gwangyang, to establish a solar structure manufacturing plant and employ 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, they will invest 3.6 billion KRW on a 3,621㎡ site in Shingeum Industrial Complex, Gwangyang, to build a factory and employ 30 people to directly produce generator parts and large-capacity/special motors. The products will be supplied to KEPCO KPS, POSCO, thermal power plants, and others.

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

Mayor Jeong Hyeon-bok of Gwangyang said, “We thank the companies that invested in Gwangyang despite difficult domestic and international economic conditions. We will do our best to actively support them so that they can become companies representing our region and, furthermore, have strong competitiveness in the global economy through this investment agreement.”

The city plans to continue actively attracting investments centered on 4th Industrial Revolution new materials businesses and expand differentiated corporate support systems to grow as Jeonnam’s number one economic city.

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