Chungnam Attracts 13 Companies with 284.8 Billion KRW Investment

On the 12th, Chungnam Province signed a joint investment attraction agreement with 13 companies at the provincial government office. The companies involved in the agreement will invest 284.8 billion KRW to newly establish, expand, or relocate factories in Chungnam. Provided by Chungnam Province

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province is attracting 13 companies with an investment of 283.8 billion KRW. The significance is highlighted as this investment attraction comes amid the prolonged COVID-19 pandemic.

On the 12th, Chungnam Governor Yang Seung-jo, heads of six cities and counties including Cheonan, and company representatives such as Kim Cheol-ho, CEO of TSE, met to sign a group investment agreement.

The agreement centers on 13 companies establishing new or expanding existing factories (9 companies) or relocating (4 companies) on industrial complex sites (263,883㎡) located in six cities and counties in Chungnam.

First, TSE and GM Test will establish new factories in Cheonan Seonggeo General Industrial Complex, while Sangshin General Food and Hyundai Feed will build new factories in the Northern BIT Industrial Complex. Additionally, Korea McNulty plans to expand its factory.

In Asan, KNJ will establish or expand a factory in the Smart Valley Industrial Complex, and in Seosan, Maseong Industry will do the same in the Techno Valley Industrial Complex.

Also, in Dangjin, CodyM will establish a new factory in the National Seonmun Industrial Complex, and in Seocheon, Samin??ience will relocate its factory to the Janghang National Ecological Industrial Complex.

In Yesan County, Myungbae Metal, ENG Steel, and Donga F will enter the New Materials Industrial Complex, and Seonggwang Metal plans to relocate to the Yedang Industrial Complex.

According to the agreement, once companies establish production facilities and begin manufacturing products, it is expected to generate production effects worth 331.4 billion KRW and added value of 84.2 billion KRW. The anticipated new employment is a total of 823 people.

Additionally, construction activities such as site development and equipment purchases by companies are expected to induce production of 809.2 billion KRW and added value of 284.7 billion KRW.

Governor Yang Seung-jo said, “It is meaningful that large-scale investment attraction has been achieved amid the prolonged economic downturn caused by COVID-19,” and added, “I hope this agreement will bring new vitality to Chungnam and the companies.”

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