Changwon Special City Signs Investment Agreement with Three Companies in Defense, Aviation, and Energy Sectors

Youngchang ENG, KIFCO Electronics & Aviation, and Hyosung Heavy Industries Sign Agreement for New and Expansion Investment of 31.85 Billion KRW

On the 25th, Changwon Special City in Gyeongnam signed an investment agreement worth 31.85 billion KRW and for the employment of 112 full-time workers with Youngchang ENG, KIFCO Electronics & Aviation, and Hyosung Heavy Industries at the city hall reception room, and will provide administrative and financial support.

The signing ceremony was held in a joint agreement format attended by Hong Nam-pyo, Mayor of Changwon Special City, Lee Sang-young, CEO of Youngchang ENG, Jung Kyung-an, CEO of KIFCO Electronics & Aviation, and Kim Jin-ho, Changwon Plant Manager of Hyosung Heavy Industries.

From the left, Jin-ho Kim, Plant Manager of Hyosung Heavy Industries Changwon Plant; Nam-pyo Hong, Changwon Special City Mayor; Kyung-an Jeong, CEO of KIFCO Electronics and Aviation; and Sang-young Lee, CEO of Youngchang ENG.

Youngchang ENG, which decided to make a new investment in Changwon, is a small and medium-sized enterprise mainly producing oil pumps and water pumps for the K9 self-propelled howitzer, as well as hydraulic parts for heavy equipment. It plans to invest 12.1 billion KRW by 2026 to relocate its business site from Gimhae to the Changwon National Industrial Complex, and is expected to create synergy for corporate growth together with Changwon City, which focuses on defense industry as its main industry.

KIFCO Electronics & Aviation, which is expanding its business area in the space surveillance radar field by acquiring a radar specialist company in 2021, confirmed an additional facility investment of 9.3 billion KRW and the hiring of 15 new employees for the development and mass production of radar and EOTS (electro-optical targeting system), key sensors for surveillance and reconnaissance, at its existing Changwon site. It will also expand production of K-defense export products to countries such as Poland and the UAE.

Hyosung Heavy Industries, a leading company in the city with world-class technology in the medium electrical equipment sector, a core of industrial energy, will invest 10.45 billion KRW to expand its business site located in Naedong, Seongsan-gu, and hire 44 additional new employees. It plans to actively respond to the expansion of overseas export volumes, including recent exports of electrical equipment to the Saudi Arabian and Australian power authorities.

Mayor Hong said, “I thank the CEOs for joining in securing the city’s future food source for the next 50 years through bold investment decisions,” and added, “We will actively strive to create a business-friendly environment so that the city and the three companies can grow together.”

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