Gyeongbuk Province, Beijing→Gyeongju 'Ilji Tech' Reshoring Investment MOU ... 81.5 Billion KRW Investment, 50 Jobs Created

At 4 PM on the 23rd at Gyeongju Hwabaek Convention Center (HICO)

The photo shows Governor Lee Cheol-woo and Mayor Joo Nak-young giving a briefing on June 6th to challenge the hosting of the APEC Summit.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Gyeongbuk Province will sign a reshoring investment memorandum of understanding with Ilji Tech (CEO Gu Jun-mo) at 4 p.m. on the 23rd at the Gyeongju Hwabaek Convention Center (HICO), involving an investment amount of 81.5 billion KRW and the creation of 50 new jobs.

The event will be held with about 20 attendees, including Governor Lee Cheol-woo, Mayor Joo Nak-young of Gyeongju, Ilji Tech CEO Gu Jun-mo, and Provincial Assembly member Park Cha-yang. Reshoring is a policy that attracts domestic companies currently operating overseas back to their home country by offering various tax benefits, regulatory relaxations, and subsidies.

After being selected as a reshoring company in August last year, Ilji Tech will establish a new automobile body parts production plant over three years from 2021 to 2024 on an 18,000㎡ site in the Mohwa General Industrial Complex in Gyeongju. At the same time, it plans to apply advanced robotic technology to all processes to secure price and quality competitiveness.

According to company officials, the main reason for choosing Gyeongju for reshoring is that a significant portion of major clients for the products are concentrated in the Ulsan area, and many parts suppliers are located in the Oedong area of Gyeongju, which greatly reduces accessibility and logistics costs.

Gyeongbuk Province is currently negotiating with the Ministry of Land, Infrastructure and Transport to designate the Gumi High-Tech Valley Industrial Complex as a dedicated rental complex to facilitate the rapid settlement of reshoring companies (domestic returning companies). The province plans to reduce the company's burden significantly by lowering the self-payment ratio for smart factory construction support projects, aimed at securing price and quality competitiveness, from 50% to 10%, and investing 40% of the project cost from provincial funds.

Governor Lee Cheol-woo emphasized, "We expect this investment to serve as a catalyst for more companies to return domestically, and we hope Ilji Tech will leap forward as a global company." He added, "We will continue to actively resolve any difficulties that hinder investment."

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