Changwon Special City Signs Investment Agreement Worth 34.2 Billion KRW with Elpis Tech and Almek

Expansion and Relocation of Business Site and Facility Investment Progress Following Selection of Tenant Companies in Masan Free Trade Zone

On the 21st, Changwon Special City in Gyeongnam signed an investment agreement worth 34.2 billion KRW and involving 84 new jobs with Elpis Tech and Almek, which are scheduled to move into the Masan Free Trade Zone, at the city hall reception room.

The signing ceremony was attended by about 10 officials, including Hong Nam-pyo, Mayor of Changwon Special City, Ha Seung-jin, CEO of Elpis Tech, Shin Sang-ho, CEO of Almek, and Kwak Geun-yeol, Director of the Masan Free Trade Zone Management Authority.

Through this agreement, the city, the Masan Free Trade Zone Management Authority, and the investing companies aim to strengthen close partnerships and expand the scope of cooperation. The attendees promised that this would serve as a stepping stone for regional economic development and job creation.

Changwon City, Gyeongnam Province, signed an investment agreement on the 21st with Elpis Tech and Almek, which are scheduled to move into the Masan Free Trade Zone. From the left: Kwak Geun-yeol, Director of Masan Free Trade Zone Management Office; Hong Nam-pyo, Mayor; Shin Sang-ho, CEO of Almek; Ha Seung-jin, CEO of Elpis Tech.

Elpis Tech is a medium-sized company specializing in the production of dishwasher baskets and possessing know-how in nylon coating. To expand production facilities due to increased sales from its main client, LG Electronics, it has decided to relocate its current business site in Gapo New Port to its own factory site in the Masan Free Trade Zone (formerly Gyeongnam Mohjik) and will hire 54 new employees.

Almek is a company specializing in automotive aluminum extrusion and processing. It is also dedicated to developing products exclusively for electric vehicles and is pursuing new additional supply contracts with overseas electric vehicle manufacturers. To actively respond to the increase in export volume, it has confirmed investment in expanding processing facilities within the standard factory in the Masan Free Trade Zone and will hire 30 new employees.

Mayor Hong said, “I thank the businesspeople who decided on the final investment with a spirit of challenge that does not fear change in order to proactively respond to global market growth,” and added, “We will concentrate all administrative efforts to actively support the stable implementation of corporate investments.”

The city is currently promoting the development project of the 2nd Free Trade Zone in Masan Marine New City, aiming to create a new concept digital free trade zone that clusters ICT (Information and Communication Technology) companies to produce and export intangible goods.

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