Ulsan City Signs MOU with ‘Yetgan’ and ‘Boksundoga’ for Gilcheon Industrial Complex Investment... Preventing Local Companies from Relocating Outside

By 2025, a total investment of 28.4 billion KRW to attract sesame oil and traditional liquor food factory clusters

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan’s representative local food companies, ‘Yetgan’ and ‘Boksundoga,’ are building large-scale factories in the Gilcheon Industrial Complex.

On the 16th at 10 a.m., Ulsan City signed a ‘Memorandum of Understanding for Investment’ with the local food companies Yetgan and Boksundoga in the situation room on the 7th floor of the city hall main building.

Yetgan will invest 23.4 billion KRW in three plots in the Gilcheon Industrial Complex to build two sesame oil factories and one grain cereal factory. Boksundoga will invest 5 billion KRW in one plot in the Gilcheon Industrial Complex to establish a traditional liquor factory.

These companies are promoting large-scale factory expansions within the industrial complex due to a recent sharp increase in product demand and sales.

Yetgan’s sales exceeded 4 billion KRW last year and have already surpassed that in the first half of this year. In the case of Boksundoga, online sales have rapidly increased, making factory expansion necessary to meet demand.

Within the Gilcheon Industrial Complex, Yetgan and a zinc powder factory have already signed lease contracts for one plot each of negative industrial land, and Yetgan has submitted an investment intention to Ulsan City for an additional two plots, while Boksundoga requires one plot.

Ulsan City has established and is promoting a plan to prevent the relocation of local food companies outside the region and resolve environmental disputes by relocating the zinc powder factory to other industrial land and concentrating all four plots of negative industrial land into a food company cluster.

Through such proactive administration, Ulsan City has attracted a total investment of 28.4 billion KRW from Yetgan and Boksundoga.

Park Min, CEO of Yetgan, said, “Ulsan City actively resolved difficulties related to factory expansion, enabling us to plan large-scale investments. We are grateful to Ulsan City for their proactive administration.”

Mayor Song Cheol-ho said, “We promise interest and support so that Yetgan and Boksundoga, Ulsan’s representative local food companies, can grow into companies with the best competitiveness not only in the domestic market but also in the global market.”

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