Domestic No.1 'Reshoring' Ajou Steel Applies for Building Permit in Gimcheon City... 50 Billion KRW Investment

The photo shows Kim Juha, then president of NongHyup Bank, visiting the Ajou Steel factory located in the Gumi Industrial Complex, Gyeongbuk, in 2014, touring the factory with Lee Hakyeon, CEO of Ajou Steel.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] A steel material manufacturing company that had expanded into the Philippines has become the first reshoring company in Korea and has begun full-scale preparations to build a smart factory within the Gimcheon 1 General Industrial Complex.

According to Gimcheon City on the 1st, Ajou Steel Co., Ltd., which withdrew its Manila branch in the Philippines, has decided to establish a smart factory-type plant producing eco-friendly architectural interior and exterior materials on a site of 66,116㎡ (20,000 pyeong) in the Gimcheon 1 General Industrial Complex (Phase 3), and recently submitted a building permit application.

This company was the first to decide on reshoring (returning overseas factories to Korea) after the introduction of the 'Comprehensive Package for Expanding the Attraction of U-Turn Companies' at the emergency economic meeting presided over by President Moon Jae-in in June.

Subsequently, on July 13, Governor Lee Cheol-woo of Gyeongbuk Province, Mayor Kim Chung-seop of Gimcheon, and CEO Lee Byung-hyung of Ajou Steel met and signed a business agreement to invest 50 billion KRW in the Gimcheon Industrial Complex. In this regard, it is known that the Korea Development Bank provided 30 billion KRW in facility funds to Ajou Steel at the end of last month.

Mayor Kim Chung-seop of Gimcheon stated, "For companies investing in our city, such as Ajou Steel, we plan to promptly process various administrative procedures such as building permits without any delays to ensure that the projects can proceed stably, and we will cooperate to the fullest extent."

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