Gyeongnam Province Achieves Record High Corporate Investment Attraction of 4.8 Trillion Won

Gyeongsangnam-do Provincial Government.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Despite the uncertain domestic and international economic situation due to the novel coronavirus infection (COVID-19), Gyeongsangnam-do announced on the 21st that it attracted the largest-ever corporate investment of approximately 4.8 trillion KRW throughout this year.

As a measure to revitalize the regional economy, the province prioritized corporate investment attraction and established a dedicated organization, the Investment Attraction Support Group, to actively carry out investment attraction activities.

As a result, starting with the signing of a large-scale investment agreement with LG Electronics in January, domestic corporate investments amounted to 4.1726 trillion KRW, foreign companies (foreign investment, domestic return) such as Coupang invested 688.5 billion KRW, creating over 10,000 new jobs.

Specifically, large-scale job-led companies such as LG Electronics and Romansys were attracted to resolve youth employment and reemployment issues for the unemployed. Subsequently, green new deal leading companies such as Samkang M&T and Gyeongnam QSF were attracted to promote industrial structure advancement.

Additionally, Kyungdong Materials, which is establishing smart logistics centers for online platform companies Curly and Yamtable that are rapidly growing after COVID-19, was attracted to proactively respond to new industry sectors.

Foreign-invested company Coupang plans to invest 300 billion KRW in two logistics centers in Changwon City and Gimhae City by 2024 and hire 4,000 new employees.

In particular, it is expected to promote economic recovery in regions with difficult employment conditions, such as Jinhae-gu, Changwon City, designated as a special area for employment crisis response, by promising about 300 new jobs.

In addition, overseas future automobile parts companies recently gaining attention, such as GMB Korea, BorgWarner Changnyeong, and Corens, have also decided to increase investments, viewing Gyeongnam as the optimal investment location.

The province plans to continuously seek corporate support measures, including expanding benefits, to attract core companies in strategic industries along with ongoing investment attraction activities.

Kim In-su, head of the Investment Attraction Support Group, said, "As a result of actively promoting investment attraction, we were able to achieve the largest-scale investment attraction performance ever," and added, "We will do our best to support companies that boldly invested believing in the value of Gyeongnam so that they face no difficulties."

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