Jeongeup-si Signs Investment Agreement Worth 6.5 Billion KRW with Two Companies

Published 15 Jul.2021 14:33(KST)

[Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Jeongeup City, Jeonbuk Province (Mayor Yoo Jin-seop) announced on the 15th that it signed an investment agreement worth 6.5 billion KRW with Denhouse Co., Ltd. and Terraeco Co., Ltd. at City Hall for the Advanced Science Industrial Complex.

The signing ceremony was attended by Mayor Yoo Jin-seop, Denhouse CEO Kwon Kyunghwan, Terraeco CEO Lee Jeongnam, and other company officials.

According to the agreement, Denhouse Co., Ltd. will invest 3 billion KRW on a 5,543㎡ site in Sinjeong-dong Advanced Science Industrial Complex and hire 10 new employees.

Denhouse is a research institute company located in the Practical Research Building within the Jeongeup Advanced Radiation Research Institute. It has accumulated technology through years of R&D with the Advanced Radiation Research Institute, and its main product is medical bone regeneration materials.

Terraeco plans to invest 3.5 billion KRW on a 3,894㎡ site and hire 11 new employees. Based in Incheon, it is a cosmetics specialist company producing mask packs using marine extracts.

Both companies plan to make every effort to create jobs by employing local talent and to revitalize the local economy through investment fulfillment.

The city plans to actively cooperate in administrative matters such as providing investment subsidies and processing permits.

Kwon Kyunghwan, CEO of Denhouse, said, “As this is a very difficult time for businesspeople, strenuous efforts are necessary. I ask the city to take great interest so that many companies can grow exemplary.”

Mayor Yoo Jin-seop said, “I sincerely thank the CEOs of Denhouse and Terraeco for deciding to invest in Jeongeup during these difficult times due to COVID-19. We will spare no administrative and financial support to help these two companies firmly take root in Jeongeup.”