Sacheon-si, Groundbreaking Ceremony for Expansion of Korea Gyeongnam Solar Oilfield Production Plant

Do-Sacheon City-Korea Gyeongnam Solar Oilfield
Agreement on Investment Attraction Worth 100 Billion KRW

Korea Gyeongnam Solar Electric Co., a representative foreign-invested company in Sacheon-si, Gyeongnam, will reinvest by expanding its production plant to respond to the global increase in demand and contribute to the local community.

On the 16th, Solar Electric held a groundbreaking ceremony for the ‘KKTY Factory Expansion Construction’ attended by about 60 people, including Kim Byung-gyu, Deputy Governor for Economy of Gyeongnam Province, Park Dong-sik, Mayor, Otsuka Tsuyoshi, Consul General of the Japanese Consulate in Busan, and company representatives.

Group photo of the groundbreaking ceremony for the expansion of Sacheon Hanguk Gyeongnam Solar Power Plant production factory.

Solar Electric was established in an area designated as the first foreign investment zone nationwide after the enactment of the Foreign Investment Promotion Act, investing over 200 million dollars in February 1999.

As a Japanese capacitor manufacturer and a 100% foreign-invested company, it produces multilayer ceramic capacitors used in automobiles, medical, information, and communication devices.

This reinvestment fulfills the investment attraction agreement (MOU) worth 100 billion won signed on May 30 between Korea Gyeongnam Solar Electric, Gyeongsangnam-do, and Sacheon-si. The company will expand four factory buildings with a total area of 17,785㎡ on idle land within the business site. The expanded factories will produce multilayer ceramic capacitors, with completion scheduled for December 2024.

Mayor Park said, “During these difficult times, as our city’s representative mid-sized company and the first foreign-invested company, this 100 billion won investment and the creation of over 100 new jobs will greatly contribute to revitalizing the local economy. We will spare no administrative and financial support for the expansion of the production plant.”

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