Gwangyang City Signs Investment Agreement Worth 109.1 Billion Won with 4 Companies

Creation of 129 Jobs in Metal Manufacturing, Processing, and Electrical Equipment Manufacturing Industries

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Gwangyang City, Jeonnam announced that on the 28th, it signed investment agreements (MOU) worth a total of 109.1 billion KRW with four companies linked to Gwangyang’s comparative advantage industries such as metal processing and electrical equipment manufacturing, and it is expected that 129 new jobs will be created through this agreement.

In Yulchon 1 Industrial Complex, Nara ACM Co., Ltd. (CEO Shin Myung-gyun), an affiliate of Nara Panel Co., Ltd., a nationwide leading company specializing in prefabricated building materials, will establish its presence.

Nara ACM Co., Ltd. plans to invest 90 billion KRW on a 38,646㎡ site in Yulchon 1 Industrial Complex to manufacture “sandwich panels” used in various factory buildings and warehouses. They aim to deliver high-quality products by completing a one-stop system through technology development and a smart factory system.

Kyobo Steel Co., Ltd. (CEO Kim Mi-sung), located in Gwangyang National Industrial Complex, is expected to maximize production efficiency by expanding and relocating its existing Jinwol factory and National Industrial Complex factory.

Kyobo Steel will invest 10.9 billion KRW on 9,917㎡ to expand each pipe manufacturing plant and diversify product demand by discovering new clients and existing demand for small and medium-sized pipes and C-shaped steel products.

In Shingumsan Industrial Complex, Daesin ENS Co., Ltd. and Yugongap Panel Co., Ltd. will invest 4.6 billion KRW and 3.6 billion KRW respectively to establish manufacturing plants for distribution boards and electrical automatic control panels.

Daesin ENS Co., Ltd. (CEO Kim Dae-seop), a POSCO power distribution procurement company, plans to increase its current production capacity to meet growing demand and expand design, manufacturing, delivery, and commissioning work in fields such as control panels for automatic control and explosion-proof equipment, as well as energy management system software related to renewable energy.

Yugongap Panel Co., Ltd. (CEO Hwang Seung-ik) focuses on manufacturing, selling, and installing electrical power distribution panels as its main business. It also operates in designing, manufacturing, and constructing pneumatic and hydraulic facilities for various factory machinery. In addition to made-to-order products, it plans to exhibit and sell various production products through an exhibition hall.

Gwangyang Mayor Jeong Hyun-bok said, “We hope that job creation through corporate investment will be a driving force for the recovery of the local economy exhausted by the prolonged COVID-19 pandemic,” and added, “I would like to express my sincere gratitude again to the CEOs of Nara ACM Co., Ltd., Kyobo Steel Co., Ltd., Daesin ENS Co., Ltd., and Yugongap Panel Co., Ltd. for deciding to invest.”

Meanwhile, as of April 29, Gwangyang City has attracted investments of 1.5621 trillion KRW from 12 companies and created 459 jobs, and it plans to accelerate efforts to achieve this year’s goal of attracting investments from 20 excellent companies.

Gwangyang = Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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