Chungnam Records All-Time High Corporate Investment of 5.5 Trillion Won

On December 8th last year, Chungnam Governor Yang Seung-jo and representatives of 22 companies took a commemorative photo after signing a joint investment agreement in the provincial government large conference room. Photo by Chungnam Province

[Asia Economy (Hongseong) Reporter Jeong Il-woong] The scale of corporate investment in the Chungnam region has reached an all-time high.

According to Chungnam Province on the 4th, among the companies attracted to the region, 755 companies completed construction of factories and began operations last year, with their investment amount totaling 5.5585 trillion KRW.

This is the largest investment amount since the province began compiling its own investment statistics in 2013, representing a 48.8% increase compared to the previous record in 2019 (3.7363 trillion KRW). Compared to 2020 (3.2247 trillion KRW), it surged by 72.9%.

The number of companies that completed and started operating production facilities last year was also the highest since 770 companies in 2015. By industry, the assembled metal machinery sector led with 208 companies, followed by electrical, electronics, and telecommunications with 119 companies, food with 94 companies, automobile parts with 55 companies, non-metal with 53 companies, petrochemicals with 44 companies, and primary metals with 42 companies.

The total employment by these companies was recorded at 15,959 people. This is an increase of 2,806 people (21.3%) compared to 13,148 in 2020, marking the largest scale since 31,119 in 2017.

The province plans to capitalize on this momentum by simultaneously promoting specialized industry attraction by region, joint attraction of large corporations and partner companies, timely provision of customized land for companies, expansion of domestic return company attraction, and activation of subsidy support policies to attract more companies this year.

A provincial official stated, “The significant increase in investment by companies in the province amid the prolonged COVID-19 pandemic is attributed to Chungnam’s competitiveness and high future development potential, as well as investment attraction policies supported by expanded incentives,” adding, “The province will continue to prepare various support measures and actively attract excellent domestic companies to expand a virtuous cycle structure in the regional economy.”

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