Chungnam Attracts 30 Companies to 9 Cities and Counties with Investment of 406.4 Billion KRW

On the 17th, after 30 companies completed a joint investment agreement at Chungnam Provincial Office, Governor Yang Seung-jo of Chungnam Province and company representatives are taking a commemorative photo. Photo by Chungnam Province

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province has succeeded in attracting large-scale companies again this year, following last year.

On the 17th, the province announced that it signed investment agreements with 30 companies at the provincial office. These companies will invest a total of 406.4 billion KRW to build new factories, expand existing ones, or relocate to industrial complexes covering 547,799㎡ in nine cities and counties including Cheonan, Gongju, Boryeong, Seocheon, Asan, Nonsan, and Yesan.

Among the companies signing the investment agreements, 19 are expected to build new or expanded factories, while 11 will relocate their factories. Through this, the province anticipates creating 1,212 new jobs.

Furthermore, once production by each company is in full swing, the province expects a production effect of 373.9 billion KRW and an added value of 93.4 billion KRW in the region.

In addition, construction activities such as site development and equipment purchases by the attracted companies are expected to generate induced production of 1.158 trillion KRW and induced added value of 406.3 billion KRW.

Previously, at the end of last year, the province signed joint investment agreements with 21 companies. Those companies invested a total of 407.2 billion KRW to settle in industrial complexes covering 296,319㎡ in seven cities and counties in Chungnam.

Yang Seung-jo, Governor of Chungnam Province, said, “The province will do its utmost to support companies that made bold investment decisions despite the adverse conditions caused by COVID-19. We will build a growth foundation for companies through customized financial support policies and will spare no effort to reform regulations that hinder corporate investment and to expand infrastructure.”

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