Changwon City Provides a Shocking 2 Billion KRW Special Defense Subsidy to Hanwha Defense

Changwon City has reviewed and approved the 'Changwon City Defense Industry Special Support Subsidy Payment' for Hanwha Defense Co., Ltd.'s expansion investment.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Ju Cheol-in] Changwon City in Gyeongnam Province will provide 'Special Defense Industry Subsidies' to Hanwha Defense Co., Ltd., a defense company, for the first time nationwide to attract investment from promising companies.

On the 5th, at the Investment Attraction Committee meeting, Changwon City announced that it would provide Hanwha Defense with a special defense industry support subsidy of 2 billion KRW.

To promote corporate investment attraction, the city revised the 'Changwon City Ordinance on Corporate and Investment Attraction' last year. The ordinance established a special support subsidy for strategic industries to foster and support hydrogen, defense, and aerospace parts industries.

If the investment amount within Changwon City exceeds 5 billion KRW and new employment exceeds 20 people, up to 2 billion KRW will be supported within 20% of the facility investment amount.

Hanwha Defense invested 34.2 billion KRW and newly employed 48 people by newly constructing and expanding its first business site in Sinchon-dong, Seongsan-gu for new business. The decision to provide the subsidy was positively influenced by factors such as contributing to population growth by transferring personnel from the Pangyo research center.

Changwon City operates various support systems besides the strategic industry special support subsidy to attract investment from promising companies.

Son Jae-il, CEO of Hanwha Defense, said, “We will continue win-win and cooperative management by prioritizing local partner companies and actively participate in creating a defense innovation cluster.”

Heo Seong-mu, Mayor of Changwon City, said, “I hope that the second and third supported companies will follow starting with Hanwha Defense,” and added, “We will carry out various support projects to foster strategic industries.”

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