Is the "Busan-bound" Journey of Small but Strong Companies Starting... Busan City Successfully Attracts 3 Tech-Small Giant Companies

Memorandum of Understanding Signed with Key Component Technology SMEs at City Hall on the 27th at 10 AM

Mayor Park Hyung-jun Leads Full-Scale Investment Attraction, Cooperating with Related Agencies Including Busanjinhae Free Economic Zone Authorit

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City (Mayor Park Hyung-jun) will sign a memorandum of understanding (MOU) on investment and jobs with three technology-strong small and medium enterprises (SMEs) ? Dongin Hightech Co., Ltd., Geumgang Tubetec Co., Ltd., and ICMAX Co., Ltd. ? at 10 a.m. on the 27th in the 7th-floor conference room of City Hall.

A total investment of 39 billion KRW will be made, creating 143 jobs.

The MOU signing ceremony will be attended by Busan Mayor Park Hyung-jun, Deputy Mayor for Economy Kim Yoon-il, Dongin Hightech CEO Noh Yong-ho, Geumgang Tubetec CEO Park Hae-seung, ICMAX CEO Kim Tae-hyun, and company executives and employees.

Dongin Hightech Co., Ltd. is a semiconductor and IT parts manufacturing specialist company that supplies parts to major corporations such as Hanwha Precision Machinery, LG Electronics, and Coway based on excellent technology and quality.

While the semiconductor parts market, its core business, continues to grow, the company recently launched the eco-friendly hot and cold water mat “Huedream,” which has received high praise in the market and won the Korea Industrial Award.

From this year through 2024, the company plans to invest a total of 18.6 billion KRW in the Saenggok Industrial Complex in Gangseo-gu, and it is expected that about 155 jobs will be created by the time the investment is completed.

Since its founding in 1988, it has accumulated advanced technology as a technology-strong SME and plans to leverage the locational advantages of Gangseo-gu, which is favorable for research and development (R&D) and exports.

Geumgang Tubetec Co., Ltd. specializes in manufacturing piping for ship engines and nuclear emergency generators, supplying products to Hyundai Heavy Industries and public institutions.

Through steady R&D, the company is expanding its business into the nuclear emergency generator piping sector. Despite stagnation in the shipbuilding and nuclear power industries, it has shown steep growth compared to the previous year.

Having acquired the stringent nuclear quality assurance qualification (KEPIC), it continuously participates in domestic nuclear power plant maintenance and is preparing to enter domestic and international nuclear power plant projects.

From this year through 2023, the company plans to invest a total of 11.8 billion KRW in the Ori Industrial Complex in Gijang-gun, and it is expected that about 65 jobs will be created by the time the investment is completed.

The strategy is to select excellent talent in Busan and enhance R&D capabilities to serve as a stepping stone for a second leap forward. In shipbuilding, recent increases in ship orders and eco-friendly retrofitting demand are rising, and in the nuclear power industry, the aging of domestic nuclear power plants is creating increased maintenance demand, which presents opportunities for this company.

ICMAX Co., Ltd. specializes in surface treatment of interior and exterior materials and production of automotive interior parts, possessing outstanding surface treatment technology.

It supplies products to major companies such as LG Hausys, Hyundai Motor Company, and Cuckoo Electronics, and is experiencing growth due to continuous increases in order volume. Recently, as consumers’ automotive selection criteria have shifted toward convenience and emotional appeal in interior design, the company has grown into a notable enterprise.

From this year through 2022, the company plans to invest a total of 8.6 billion KRW in the Ori Industrial Complex in Gijang-gun to establish a new factory for automotive interior and exterior parts and hire 43 new employees.

Increased sales of core parts such as door garnish, consoles, and crash pads are expected due to rising demand in future vehicle industries like electric and hydrogen cars.

This MOU signing with the three companies is explained as a result of “corporate investment attraction” emphasized continuously since Mayor Park Hyung-jun’s inauguration and “cooperation with related organizations” such as the Busan-Jinhae Free Economic Zone Authority.

Busan City plans to make every effort to achieve results in attracting large-scale investments from major corporations, and Mayor Park Hyung-jun is known to frequently meet with businesspeople during external schedules to encourage investment in Busan.

Busan Mayor Park Hyung-jun said, “The investment by these three technology-strong SMEs in Busan will greatly contribute not only to revitalizing the regional economy but also to the development of the materials and parts industry, which is the foundation of manufacturing.” He added, “We will establish a specialized industry-academia cooperation system connecting local universities and industries to create a city where companies and talent come to Busan, and local youth stay and grow.”

Busan City plans to continue systematic project implementation management and administrative support to ensure the successful completion of corporate investments even after the MOU signing.

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