Shinhwa SMG to Invest 20 Billion KRW in Gyeongju for Second Factory Construction... Business Agreement with Mayor Jun Nak-Young and CEO Park Sang-Bok

Operation After Completion in the Second Half of Next Year

Announced at the Completion Ceremony of Plant 1

With the completion of the Advanced Material Molding and Processing Center for future vehicles, private companies' investments continue in Gyeongju, which is leading the future car industry.

On the 17th, the day of the Shinwha SMG Gyeongju Plant 1 completion ceremony, Gyeongju City signed a memorandum of understanding for investment to expand Shinwha SMG's Gyeongju Plant 2 at the Myeonggye 3 Industrial Complex in Naenam-myeon, Gyeongju.

Joo Nak-young, Mayor of Gyeongju City, and Park Sang-bok, CEO of Shinwha SMG (right in the photo), are signing a business agreement to establish a second factory with an investment of 20 billion KRW.

About 10 officials attended the event, including Gyeongju Mayor Ju Nak-young, Shinwha SMG CEO Park Sang-bok, Gyeongbuk Provincial Assembly member Bae Jin-seok, and Hwang Hoon, head of Gyeongju's Investment Attraction Division.

According to the agreement, Shinwha SMG plans to invest 20 billion KRW to build a factory with about 50 new jobs.

To this end, Shinwha SMG purchased a 14,000㎡ site within the Myeonggye 3 Industrial Complex in Gyeongju, plans to start construction in the second half of this year, and aims to complete and begin full operation by the second half of next year.

Shinwha SMG, established in 2017, is an automotive exterior plastic manufacturing company and a young small but strong company with an average employee age in their 30s.

In particular, the company is showing rapid growth, as evidenced by holding the Gyeongju Plant 1 completion ceremony and simultaneously signing the investment MOU for Plant 2 on the same day.

Through the completion ceremony combined with the investment agreement, Shinwha SMG also realized its corporate value of coexisting with the local community by donating 150 bags of 20kg rice (worth 7.5 million KRW) to Naenam-myeon.

Park Sang-bok, CEO of Shinwha SMG, emphasized, “Through the investment in Gyeongju Plant 1, we realized that Gyeongju is a city favorable for businesses. From the factory construction stage, we will apply the latest facilities to implement a safe workplace and eco-friendly business site with environmentally friendly energy-saving facilities and zero safety accidents.”

Mayor Ju Nak-young said, “I thank CEO Park Sang-bok and all executives and employees of Shinwha SMG for deciding to invest in Plant 2 simultaneously with the completion of Plant 1. We will spare no effort in providing various R&D and administrative support so that Shinwha SMG can leap forward as a global small but strong company and contribute to economic development through the activation of Gyeongju’s eco-friendly future car industry.”

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