Chungnam Continues Corporate and Investment Attraction Despite COVID-19 Crisis

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province's corporate and investment attraction continued even during the spread of the novel coronavirus infection (COVID-19). Despite the economic downturn caused by COVID-19, steady achievements were made.

According to the province on the 23rd, Chungnam attracted a total of 168 companies in the first quarter, with 57 in January, 58 in February, and 53 in March. The total investment amount from these companies was 481.4 billion KRW, an increase of 30.9 billion KRW compared to the previous year (450.5 billion KRW in the first quarter).

By city and county, Cheonan had the highest number of attracted companies with 69, followed by Asan with 37, Geumsan with 21, Dangjin with 12, and Yesan with 8.

By industry, the distribution was 48 in fabricated metal and machinery, 23 in electrical, electronics, and telecommunications, 20 in food, 18 in non-metallic minerals, and 13 each in automobile parts and petrochemicals.

A provincial official stated, "In the first quarter, Chungnam achieved an increase in investment amounts through corporate attraction despite the spread of COVID-19 compared to the previous year (first quarter). This is the result of the province's tailored corporate attraction strategy in addition to favorable investment conditions within the region suitable for companies to establish themselves."

However, the official added, "The corporate and investment performance for this month has not yet been compiled, and the lingering effects of COVID-19 mean that the regional economic situation cannot be viewed too optimistically. Considering these circumstances, the province will continue investment attraction activities targeting promising companies this month as well, making further efforts to maintain an 'average year' performance."

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