Changwon City Aims for 4 Trillion Won Investment Attraction and Creation of 4,000 Jobs

Changwon City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Marking the first year of special city status, Changwon City in Gyeongnam has actively embarked on attracting companies to achieve its goals of 4 trillion KRW in investment attraction and creating 4,000 jobs this year.

On the 27th, Changwon City announced that it has established a ‘3 Zones 3 Plus’ investment strategy that links regional characteristics and strengths by zone and responds to changes in the investment attraction environment.

The Changwon zone focuses on attracting companies specializing in future cars, hydrogen, and defense industries by linking research institutes such as the Korea Automotive Research Institute and the Korea Electrotechnology Research Institute, centered on idle land in the Changwon National Industrial Complex and its expansion area.

Masan will utilize available sites such as the Marine New City, Sujeong District, and Gapho District to discover large-scale investment companies. The Jinhae area is expected to see large-scale manufacturing and logistics complexes in Ungdong 2 District, Seocon Back Area, and Angol Industrial Complex, backed by high incentives due to its designation as a special industrial crisis response area and employment crisis area, as well as the new port and new airport.

The expansion area of the Changwon National Industrial Complex is currently under construction, aiming for completion in December 2023, with 182,090㎡ of industrial facility land out of a total of 435,180㎡.

According to a recent survey of companies intending to move in, 23 companies have submitted letters of intent. The city plans to conduct one-on-one investment attraction activities, including guidance on various support systems, targeting these companies in the first half of the year.

Company A within the Changwon National Industrial Complex announced that, riding the global growth trend of the eco-friendly automobile market, it will invest 80 billion KRW in facilities this year and a total of 200 billion KRW by 2025, along with hiring local talent.

The city has agreed to form a consultative body with the company to jointly secure expansion investment sites, prevent the outflow of local technical personnel to the metropolitan area, and foster local talent in connection with local research institutes and universities.

In the case of Masan Sujeong District, the large-scale industrial facility land of 210,044㎡ offers the advantage of a supply price lower than nearby market prices. Recently, two companies have expressed intentions to purchase land, and investment is expected to take place in the first half of the year.

Jinhae’s Ungdong 2 District and Seocon Back Area will be put up for sale in the first half of the year and developed into back areas capable of manufacturing and processing transshipment cargo, not just simple cargo transport ports, based on abundant transportation infrastructure such as ports, aviation, and railroads.

The city and the Busan-Jinhae Free Economic Zone Authority maintain an active collaboration system to attract companies suitable for this purpose.

Additionally, the city plans to promote corporate investment in the region through attracting anchor companies and related partner companies, establishing related industrial complexes, providing various investment supports, and reforming systems.

Jung Hyun-seop, Director of the Economic and Job Creation Bureau, said, “We are currently conducting significant investment consultations with semiconductor Company A, IT Company B, and manufacturing logistics Company C, and expect to achieve concrete results in the first half of the year.”

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