Changwon Special City Secures 1 Trillion Won Investment Within One Month of the 8th Elected Term

On the 20th, Aviation and Defense, Complex Logistics New and Expansion
MOU Signed for 245 Billion KRW Investment Attraction by 5 Companies

350 Billion KRW Investment for Semiconductor Core Component Expansion
410 Billion KRW Investment for C

Changwon Special City in Gyeongnam achieved a 1 trillion won-scale investment to revitalize local industries within one month of the launch of the Hong Nampyo administration.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] Changwon Special City in Gyeongnam realized a 1 trillion won scale regional industry revitalization investment within one month of the launch of the Hong Nampyo administration.

On the 20th, the city announced that it signed an MOU for new and expanded investments worth 245 billion won with five companies in the aviation, defense industry, and complex logistics sectors, jointly with Gyeongnam Province and the Busanjinhae Free Economic Zone Authority at the Gyeongnam Provincial Government's main conference room.

SeAH Aviation Defense Materials, the only global supplier of aluminum alloy materials for commercial aircraft in Korea, will invest 10.3 billion won to expand its existing factory in the Changwon National Industrial Complex and create 50 new jobs.

SungHo Electronics, a strong small and medium-sized enterprise focused on materials, parts, and equipment, producing key components such as electronic parts and cable assemblies for tanks, armored vehicles, fighter jets, and helicopters for the defense industry, will invest 9.7 billion won for new and expanded facilities in the defense industry site of Changwon National Industrial Complex and create 84 new jobs.

Logistics companies Dongwon Loex Refrigerated II, DWL Global, and Access World, located in the Woongdong 2 District of the Jinhae New Port hinterland complex, decided to increase their investment to 225 billion won and create 450 new jobs by signing an investment agreement on the day, following their previous investment agreement with Changwon City in May 2020 for a new investment of 85 billion won.

Dongwon Loex Refrigerated II plans to invest 150 billion won and create 150 new jobs to build a logistics center incorporating cold chain technology for refrigerated and frozen foods, such as rapidly growing ready-to-eat meals and health foods, as well as fulfillment technology.

DWL Global will invest 55 billion won and create 200 new jobs to build a large-scale logistics center in the Woongdong hinterland complex to establish a northern logistics hub centered on Far East Russia, focusing on the new port.

Access World, the world’s number one anchor company in raw material logistics, promised to invest 20 billion won and create 100 new jobs to build a raw material import-export logistics center.

The city has actively promoted regulatory relaxation from the perspective of demand-side companies and prepared various support policies to promote corporate investment, carrying out active investment attraction activities.

As a result, on the 12th, a groundbreaking ceremony was held to mark the start of a 350 billion won expansion investment by semiconductor core parts company Haesung DS, and on the 15th, an agreement was made to build a data center capable of accommodating 100,000 servers within the Changwon National Industrial Complex.

Hong Nampyo, Mayor of Changwon Special City, said, “Despite the global economic crisis, I thank the company representatives who gave opportunities to local youth and citizens through courageous investment decisions, and I look forward to creating a virtuous economic cycle in our region and the leap to Changwon as a Northeast Asia central city.” He added, “We will spare no effort to create conditions and support for companies to actively invest.”

Meanwhile, Changwon Special City plans to actively attract global logistics and shipping companies in the second half of this year through collaboration with related organizations such as Gyeongnam Province, BPA, Busanjinhae Free Economic Zone Authority, and KOTRA, in line with the scheduled sale and lease announcement of the Woongdong District in the Jinhae New Port hinterland complex starting in August.

It also announced plans to accelerate investment attraction in hydrogen and defense sectors, which are Changwon’s strengths, while strategically attracting high value-added device industries such as electric vehicles, bio, and medical sectors in the long term.

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