Changwon City Secures Continuous Investment, Signs 53 Billion KRW Agreement with Manufacturing Innovation Companies

Large-scale Investment Boon from Leading Companies like Geonhwa and Sinshinsa Leads to Job Creation

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] On the 7th, Changwon City in Gyeongnam signed an investment agreement with two manufacturing innovation companies, Geonhwa and Shinshin, involving an investment amount of 53 billion KRW and new employment of 123 people.

The signing ceremony was attended by Heo Seong-mu, Mayor of Changwon, Yoon Kyung-hwa, President of Geonhwa, and Choi Sang-gi, CEO of Shinshin.

Through this agreement, Geonhwa will invest 33 billion KRW and create 43 new jobs by expanding its existing business site in Jinbuk General Industrial Complex, Masanhappo-gu, while Shinshin will invest 20 billion KRW and create 80 new jobs by establishing a home appliance production factory in Changwon National Industrial Complex, Seongsan-gu.

Geonhwa is a company that has grown to a mid-sized enterprise, supplying heavy equipment parts to major domestic and international companies such as Volvo Construction Equipment, Doosan Infracore, Clark, and IHI.

This investment is aimed at responding to order volumes due to the anticipated boom in the global construction machinery market, planning to invest 33 billion KRW and hire more than 43 employees by expanding the existing site in Jinbuk General Industrial Complex by next year.

Shinshin is an EMS company of LG Electronics Changwon HA Division, specializing in manufacturing parts for home appliances such as dishwashers, washing machines, and refrigerators.

To secure a manufacturing site, Shinshin plans to invest 20 billion KRW by 2023 in Changwon National Industrial Complex and establish a new manufacturing site with over 80 new employees to increase production capacity.

Mayor Heo Seong-mu said, "I hope this investment will not only create local jobs but also bring great vitality to the manufacturing industry, which is the foundation of Changwon City," and added, "The city will spare no effort in creating conditions and support for companies to invest."

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