Pohang City Achieves Valuable Success with Consecutive Corporate Investments Amid Economic Downturn

Investment Attraction of 274.4 Billion KRW by Four Companies Including 5G Engineering

Relocation to Blue Valley National Industrial Complex and Convergence Technology Industrial Zone

Positive Signs for Large-Scale Secondary Battery Investmen

Amid economic downturns causing deep concerns for local governments, Pohang City has seen a series of large-scale investments from companies, signaling a green light not only for revitalizing the local economy but also for fostering new growth industries.

Pohang City signed a memorandum of understanding for investment worth 274.4 billion KRW with four promising small and medium-sized enterprises on the 21st. (From left: City Councilor Kim Cheolsu, City Council Chairman Baek Inkyu, Deputy Mayor Kim Namil, 5G Engineering CEO Lee Seungyong, Thyssen Biopharm CEO Han Wonil, Dongsung Motors CEO Seok Sangwoo, Hansol TNC CEO Do Wonjun, Daegu-Gyeongbuk Free Economic Zone Authority Director Choi Samryong)

According to Pohang City, on the 21st, four promising small and medium-sized enterprises decided to invest a total of 274.4 billion KRW in Pohang and signed memorandums of understanding (MOUs) for investment. This came just about two weeks after the city successfully attracted a 300 billion KRW investment from POSCO Silicon Solution on the 4th.

On the 21st, at the city hall's main conference room, Vice Mayor Kim Nam-il, Daegu-Gyeongbuk Free Economic Zone Authority Chief Choi Sam-ryong, City Council Chairman Baek In-gyu, representatives of the investing companies, and related officials attended the signing ceremony of MOUs with 5G Engineering, Thyssen Biopharm, Dongsung Motors, and Hansol TNC.

As Pohang gains attention as an optimal investment destination for new growth industries and startup SMEs, 5G Engineering will invest in the Pohang Blue Valley National Industrial Complex, while Thyssen Biopharm, Dongsung Motors, and Hansol TNC will make new investments in the Pohang Convergence Technology Industrial District.

5G Engineering, which decided to invest in the Pohang Blue Valley National Industrial Complex, plans to invest 222.5 billion KRW on a 78,000㎡ site to produce industrial plant steel structures utilizing patented technology in seismic trusses, creating 250 jobs.

The Pohang Blue Valley National Industrial Complex is a customized industrial complex for new growth sectors equipped with research infrastructure in secondary batteries and steel, including the Steel Pipe Technology Center and the Secondary Battery Integrated Management Center.

Thyssen Biopharm, which decided to invest in the Pohang Convergence Technology Industrial District, is a leading company in cultured meat research and development and plans to invest 40.7 billion KRW (on a 3,400㎡ site) to build manufacturing facilities for cultured meat R&D and industrialization. Dongsung Motors, an official BMW dealer, will expand its existing business by investing 10 billion KRW (on a 10,200㎡ site) in electric vehicle battery motor research and development.

Additionally, Hansol TNC plans to build manufacturing facilities worth 1.2 billion KRW (on a 2,400㎡ site) for new investments in electronic automatic control panels.

The Pohang Convergence Technology Industrial District is an optimal location for bio and advanced industries, equipped with cutting-edge research infrastructure such as the Cell Membrane Protein Research Institute and the Green Vaccine Demonstration Support Center.

The total investment amount from these four companies is 274.4 billion KRW, with an employment creation effect of 320 people. Following the 300 billion KRW investment attraction by POSCO Silicon Solution on the 4th, Pohang has succeeded in attracting investments of similar scale within just half a month, establishing itself as a truly business-friendly city.

Besides the secondary battery industry, the city is also focusing all efforts on attracting bio, hydrogen, and advanced industries, which are its main growth sectors, and provides customized administrative support to promising startups and SMEs to help them settle successfully.

Vice Mayor Kim Nam-il said, “I thank the company representatives who decided to invest in Pohang, and we will do our best to make Pohang the best city in the nation for businesses by providing continuous support and one-stop administration for investing companies.”

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