Chungnam Attracts Display 'So-Bu-Jang' Companies... Expected Production Effect of 60 Billion KRW

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province has attracted a materials, parts, and equipment company in the display sector, which is expected to generate production effects worth 60 billion KRW.

On the 22nd, Chungnam Province announced that Chungnam Governor Yang Seung-jo, Asan Mayor Oh Se-hyun, and PNP CEO Choi Yang-hwan met at the Chungnam Provincial Office to sign an investment agreement.

The agreement involves PNP investing 21 billion KRW to build a manufacturing facility for foldable phones and display manufacturing equipment on a 16,530㎡ site in the Asan Digital Industrial Complex. According to the agreement, the company will begin construction of the production facility in August and complete it by May 2023.

The province expects that once PNP’s production plant is completed and actual product manufacturing becomes possible, it will generate production effects of 60.3 billion KRW, added value of 15.9 billion KRW, and create over 80 new jobs.

PNP, which promised investment in Chungnam, is a display manufacturing and equipment production specialist company established in 2011 and registered as a first-tier partner of Samsung. The relationship between Chungnam and the company began in 2014 when PNP established its base in Asan. In 2016, PNP also expanded its second factory in Asan.

Notably, PNP recently applied for the ‘Materials, Parts, and Equipment Startup 100’ program hosted by the Ministry of SMEs and Startups and will undergo an on-site evaluation next month, with final selection results expected in September.

Governor Yang Seung-jo said, “In a situation where the overall economy, including exports and domestic demand, has been severely impacted by COVID-19, it is meaningful that a materials, parts, and equipment manufacturing company has signed an investment agreement to establish a factory in Chungnam.” He added, “The province expects that core materials and manufacturing equipment in the semiconductor and display sectors will overcome Japan’s export restrictions and serve as a driving force to revitalize the regional economy.”

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