Chungnam Attracts $47 Million Investment from 3 Companies in Japan and China

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province has attracted investments worth 47 million dollars from three companies from Japan and China.

On the 19th, the province announced that it had attracted ▲ Kanto Denka Fine Products Korea Industrial, a semiconductor specialty gas production company ▲ Namil Heavy Industries, an industrial battery manufacturer ▲ Dongshin Porima, a premium flooring tile manufacturer, to the Cheonan and Hongseong industrial complexes.

The three companies will each build new production plants or expand existing ones in the industrial complexes.

Among them, Kanto Denka Fine Products Korea Industrial will invest 30 million dollars to expand its semiconductor specialty gas production facility on a 25,098㎡ site in the foreign investment zone of the Cheonan 5th General Industrial Complex, which is currently under development.

Namil Heavy Industries will also build an additional industrial battery production plant on a 10,978㎡ site in the Cheonan foreign investment zone. To this end, Namil Heavy Industries decided to invest 5 million dollars received from Hong Kong SAFTB Power. The province expects that once Namil Heavy Industries fully operates the facility, it will have the effect of replacing imports of industrial batteries.

Dongshin Porima will expand its production facilities on a 7,355㎡ site in the Guhang Agricultural and Industrial Complex in Hongseong. This company was established in 1994 as a joint venture between Japan’s Shinheung Chemical, a high-quality flooring tile manufacturer, and a domestic partner. By expanding production facilities in Hongseong, it aims to expand the export market for eco-friendly, high-quality flooring materials. The investment amount for the production facility expansion is 12 million dollars.

The province expects that if the investments by the three companies proceed as planned, there will be a sales increase of 750 billion KRW, an export effect of 358 billion KRW, and 160 new jobs created over the next five years.

Kim Tae-heum, Governor of Chungnam Province, said, “We welcome the decision of global foreign-invested companies to invest in Chungnam amid the prolonged COVID-19 pandemic and global economic uncertainty,” adding, “The province will establish a cooperative system with Cheonan City and Hongseong County to support the successful implementation of each company’s investment.”

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