Jinju City Sees Soaring Regional Economic Revitalization Through Large-Scale Corporate Attraction

Two Defense and Aviation Companies

95 Billion KRW Investment, Job Creation

On the 30th, Jinju City in Gyeongnam signed a large-scale investment agreement (MOU) with K-Tech and Stem at the Grand Moment Youth Hostel in Busan.

K-Tech and Stem plan to invest a total of 95 billion KRW in the Jeongchon General Industrial Complex and the Ppuri General Industrial Complex in Jinju City, and hire 440 new employees.

With this agreement, following the large-scale corporate attraction of 100 billion KRW in April, Jinju City is expected to inject vitality into the local economy and job creation by attracting additional large-scale investment companies.

Investment Agreement Ceremony in Jinju-si, Gyeongnam.

▲ K-Tech is a promising defense company that participated in the economic delegation during the President’s state visit to the United Arab Emirates (UAE) in January. It signed a firearms manufacturing and export business contract with CARACAL, a state-owned military supplies company in the UAE. To fulfill the contract with CARACAL, K-Tech plans to invest 80 billion KRW in the Jeongchon General Industrial Complex and hire 400 employees starting with this investment agreement.

▲ Stem is a key aerospace company involved in manufacturing aircraft fuselage structures for Korea Aerospace Industries’ supersonic advanced trainer (T50), next-generation Korean fighter (KF21), light armed helicopter (LAH), and Surion helicopter (KUH). Stem plans to invest 15 billion KRW in the Ppuri General Industrial Complex and hire 40 employees.

Mayor Cho Gyu-il said, “With KAI’s development of the KF21 prototype and the expansion of FA-50 light attack aircraft exports, K-defense is gaining global recognition. It is very meaningful that a promising defense company has invested in our region,” adding, “We will spare no support to ensure the success of this investment.”

Meanwhile, to strengthen the competitiveness of defense companies, the city launched the ‘Jinju Defense Industry Corporate Council’ in April, centered on 33 defense-related companies in the Jinju area. It is expected that corporate interest and investment will continue to expand through the establishment of industry-academia-research-government networking and business development.

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