Gyeongnam Province Signs Investment Agreement Worth 524.6 Billion KRW with 4 Companies Including Changwon, Yangsan, and Goseong

Hyungpil Ha (right), Acting Governor, Baekduhyun (left), Goseong County Governor, and Musuk Song, CEO of Samgang N&T, are signing an investment agreement. [Image source=Gyeongsangnam-do]

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced on the 11th that it signed an investment agreement with Changwon City, Yangsan City, and Goseong County, along with Samkang M&T, ASN K, Corens, and Hanseong Color, involving a total of 524.6 billion KRW and the creation of 2,126 new jobs.

This investment agreement was made to revitalize South Korea's struggling shipbuilding industry and to lay the foundation for the Gyeongnam-type Green New Deal through fostering the offshore wind power industry.

Samkang M&T plans to invest about 500 billion KRW in the Yangchon and Yongjeong districts of the Goseong Shipbuilding and Marine Industry Special Zone to build a production plant for offshore wind power substructures and to hire approximately 2,000 new employees.

The Yangchon and Yongjeong districts in Goseong have been in a business suspension state for the past 10 years, but this investment is significant as it will complete the establishment of the special zone.

ASN K, a company producing eco-friendly natural abrasives from coconut extracts, decided to close its business site in Vietnam and return to Korea.

They will invest 6 billion KRW in the Macheon General Industrial Complex in Jinhae-gu, Changwon City, which is designated as a 'Special Industrial Crisis Response Area,' to establish a natural abrasive manufacturing research center and production plant, and plan to hire 20 new employees.

Corens, the world market leader in the EGR cooler (exhaust gas recirculation device) sector, also decided to downsize its U.S. factory and return to Korea.

They plan to invest 8.3 billion KRW in the Eogok General Industrial Complex in Yangsan to expand the EGR cooler manufacturing plant equipped with state-of-the-art smart manufacturing facilities and hire 50 new employees.

Acting Governor Ha Byungpil said, "We expect this new investment to greatly help the local economy by leading to job creation," and added, "We will also focus on fostering innovative talent to ensure that the region's necessary human resources can be supplied."

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