Busan City Signs Memorandum of Understanding for New Factory Investment with Dongyeon Autotech

On the 26th, Dongyeon Autotech, an auto parts manufacturing company, signed a memorandum of understanding in writing

Investing 26 billion KRW in Gijang-gun Ori General Industrial Complex ... Establishing Busan's 2nd factory

Busan City's customized investment attraction strategy for businesses has once again shone.

Busan City Hall.

On the 26th, Busan City signed a written "Memorandum of Understanding for Factory Establishment Investment" worth 26 billion KRW with the automobile parts manufacturing company 'Dongyeon Autotech.'

Established in Changwon City in September 2010, Dongyeon Autotech is a company with technological capabilities that manufactures steel pipes and automobile parts using the hot forming method.

Dongyeon Autotech invested in the Myeongrye General Industrial Complex in Gijang-gun in 2018 to establish Busan Plant No. 1. Through this agreement, it will invest a total of 26 billion KRW in the Ori General Industrial Complex to additionally establish Busan Plant No. 2. The company aims to create 40 new jobs and achieve annual sales of 100 billion KRW. Construction is scheduled to begin in October and be completed by May next year.

This achievement is evaluated as a successful result of Busan City's customized investment attraction strategy and proactive institutional improvements.

A Busan City official stated that when Dongyeon Autotech was promoting investment to establish Plant No. 2 in Gijang-gun, where Busan Plant No. 1 is located, but could not find a suitable site, the city actively pursued investment attraction activities, including pushing for changes to the industrial complex management basic plan, which led to the success of this investment.

Although the Ori General Industrial Complex had a low sales performance of 23% by the end of 2020, through collaboration between Busan City and Busan Urban Corporation, administrative efforts were concentrated on demand-customized corporate marketing, attracting companies like Dongyeon Autotech.

The city has been striving to improve the sales contract rate of the Ori General Industrial Complex annually by promoting additions of industries through changes to the industrial complex management basic plan: 66% in 2021, 72% in 2022, and currently 80% in 2023.

Through this investment, Dongyeon Autotech promised to cooperate with Busan City in job creation and regional economic revitalization by prioritizing the employment of local residents when hiring new personnel needed for the operation of the new factory and actively utilizing local companies during factory construction and equipment installation.

Mayor Park Hyung-jun said, "I sincerely thank Dongyeon Autotech, a promising local company with competitiveness and solid foundations in the automobile parts industry, for deciding to reinvest in the region." He added, "We will not spare our interest and support so that, based on this new investment, the company can grow not only in the domestic market but also in the global market through excellent technological capabilities."

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