Gyeongnam Province Creates Jobs with 420 Billion KRW Investment Attraction

Haesung DS and LT Precision Expand Production Plant in Changwon National Industrial Complex

Korea Automotive Technology Institute Holds Investment Briefing for Future Car Parts Companies

Gyeongnam Province held a large-scale investment agreement signing ceremony and an investment briefing session for future car parts companies on the 23rd.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] On the 23rd, Gyeongnam Province signed a large-scale investment agreement with Changwon City, Haesung DS, LT Precision, and the Korea Automotive Technology Institute, and held an investment briefing session for future car parts companies.

Attendees included Ha Byeongpil, Acting Governor of Gyeongnam Province, Heo Seongmu, Mayor of Changwon, Jo Byeonghak, CEO of Haesung DS, Kim Jinguk, CEO of LT Precision, Koo Youngmo, Head of the Korea Automotive Technology Institute, and 20 future car parts companies.

On this day, Haesung DS announced that it will invest 350 billion KRW over three years to expand the production plant for lead frames and packaging substrates, which are core semiconductor parts, by utilizing idle land at the Changwon plant in the Changwon National Industrial Complex, and will hire 300 new employees.

LT Precision revealed plans to invest 70 billion KRW in idle land at the Changwon 2nd plant within the Changwon National Industrial Complex to expand production plants for automotive aluminum forgings, battery cooling systems for electric vehicles, and heat exchangers, and to hire 70 new employees.

A Gyeongnam Province official stated, “With an investment attraction scale of 420 billion KRW, 370 new jobs will be created and economic revitalization will follow,” adding, “We expect Gyeongnam’s competitiveness in advanced industries and the future car industry to increase.”

At the subsequent investment briefing session, directions for the leap forward of the future automobile industry were presented, and corporate investment support measures were introduced.

The Korea Automotive Technology Institute presented on trends and business strategies in the vehicle semiconductor industry, domestic and international trends in hydrogen electric vehicles, the current status of domestic future car transitions, and support projects.

This year’s changes to Gyeongnam Province’s investment support system were introduced, and directions for corporate investment were also suggested.

An official from the province said, “We plan to provide customized support for each company to foster future strategic industries and advance core industries, focusing on attracting key companies.”

Ha Byeongpil, Acting Governor of Gyeongnam Province, said, “This investment agreement is a meaningful occasion connecting efforts for manufacturing innovation and investments by small and strong advanced industry companies,” and added, “We will do our best to provide administrative support and cooperation as a reliable partner for companies so that this investment can lead to good results.”

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