Gyeongbuk Province and Sangju City Sign MOU for 30 Billion KRW Investment in Defense Company Korea C&O Tech
Establishment of Third Factory by 2025 ... Promise to Hire 120 Local Talents and Prioritize Local Suppliers
[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] Gyeongsangbuk-do Province and Sangju City signed a memorandum of understanding for a 30 billion KRW investment with defense industry company Korea C&O Tech Co., Ltd. at Sangju City Hall on the 17th. The signing ceremony was attended by Governor Lee Cheol-woo, Mayor Kang Young-seok of Sangju, and President Oh Se-hong of Korea C&O Tech Co., Ltd.
Korea C&O Tech, headquartered in Mungyeong City, Gyeongbuk, plans to establish its third factory in the Moseo-myeon area of Sangju over five years from 2021 to 2025. Through the introduction of the latest production facilities to increase output, expansion of high value-added product lineups, and entry into the defense industry sector, the company aims to raise its current sales scale of about 20 billion KRW to approximately 50 billion KRW.
Sangju City explained that by prioritizing local companies for various permits, services, and civil engineering and construction projects, and by newly hiring 120 employees mainly from local talent, this investment is expected to inject new vitality into the regional economy.
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Mayor Kang Young-seok stated, "We hope Korea C&O Tech will stand tall as a leader in the defense industry sector through this new factory establishment," adding, "Sangju City will continue efforts to attract excellent companies based on active investment attraction activities and business-friendly administration."
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