Gyeongnam Governor Park Wan-su Visits Haesung DS with Minister of Trade, Industry and Energy

Visit Planned to Support Companies by the Ministry of Trade, Industry and Energy

Park Wan-su, Governor of Gyeongnam Province, visited Haesung DS located in Seongsan-gu, Changwon City on the 15th, along with Lee Chang-yang, Minister of Trade, Industry and Energy, Hong Nam-pyo, Mayor of Changwon Special City, and Choi Hyung-doo, Member of the National Assembly.

According to Gyeongnam Province, Governor Park initiated this visit to secure support from the Ministry of Trade, Industry and Energy regarding corporate difficulties such as tax credits.

On the day, Governor Park listened to the company's investment plans on site, toured the production facilities, and expressed encouragement and gratitude for Haesung DS's hard work.

In response, CEO Cho Byung-hak said, "With the revision of the Restriction of Special Taxation Act in March, the investment tax credit for national strategic technologies such as semiconductors has been expanded up to 25% for mid-sized and large companies this year," adding, "We expect to receive tax credits for continuous investments aimed at improving the corporate investment environment and technological innovation at Haesung DS."

Minister Lee said, "The business case of Haesung DS, which is successfully conducting business and making large-scale investments in Changwon, will serve as a role model for other advanced companies in local regions," and added, "We will strengthen government support to enhance the competitiveness of semiconductor companies, including raising the tax credit for facility investments in advanced industries."

Park Wan-su, Governor of Gyeongnam Province (seventh from the left), is taking a commemorative photo with representatives from Haesung DS and others. [Photo by Gyeongnam Provincial Government]

Governor Park stated, "Companies are the ones who grow the local economy and create jobs," and said, "We will continue to actively strive to resolve difficulties faced by companies in the province by securing not only local government support but also support from the central government."

Haesung DS is the only domestic company producing automotive semiconductor lead frames and ranked second in the global lead frame market share in 2022 in non-metropolitan areas where the semiconductor industry base is weak.

Due to the global surge in semiconductor demand, Haesung DS signed an investment agreement worth 388 billion KRW over three years with Gyeongnam Province and Changwon City in March last year to expand the Changwon plant, started construction in July, and is scheduled to complete it in the first half of 2025.

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