Yeongcheon Mid-sized Company 'Yeongjin' Invests 12 Billion Won to Expand Eco-friendly Vehicle Parts Factory

Donation of 10 Million Won Scholarship Fund

Yeongjin, a specialized manufacturer of automotive body parts headquartered in Yeongcheon, Gyeongbuk, is set to invest in manufacturing facilities for the production of eco-friendly vehicle parts at its headquarters in Chaesin-dong, Yeongcheon.

On the 1st, Yeongcheon City signed a Memorandum of Understanding (MOU) for Yeongjin’s investment in the Yeongcheon Advanced Parts and Materials Industrial Complex with the attendance of Mayor Choi Ki-moon, Kim Byung-sam, head of the Daegu-Gyeongbuk Free Economic Zone Authority, Yeongjin CEO Seo Seung-gu, and other officials at the city hall video conference room. Prior to the signing ceremony, Yeongjin donated 10 million KRW as a scholarship fund to the Yeongcheon Scholarship Foundation.

Yeongcheon City Hall.

This investment, planned from 2024 to 2026, involves expanding manufacturing facilities on a 5,630㎡ site within Yeongjin’s existing premises in the Yeongcheon Advanced Parts and Materials Industrial Complex, a Daegu-Gyeongbuk Free Economic Zone. The expansion will focus on producing eco-friendly automotive body parts such as battery cases for hybrid vehicles and battery cell plates/clamps for electric vehicles, with an expected investment of 12 billion KRW.

Through this investment, Yeongjin plans to produce eco-friendly hydrogen/electric vehicles and hybrid vehicle battery cases as its main products. The establishment of a dedicated factory will also contribute to the local community by creating 20 new jobs, including research and development personnel, equipment technicians, and manufacturing staff.

Founded in 1988 and relocating its headquarters to Yeongcheon in 2014, Yeongjin is a leading regional mid-sized company that has continued steady growth. Notably, it has established a solid position as a pioneer in the local automotive parts industry, receiving the Presidential Citation in 2009, being recognized as an excellent investment company in Gyeongbuk in 2016, and being selected for the 2023 Global Small Giants 1000+ Project.

Mayor Choi Ki-moon stated, “With the advent of the eco-friendly future car era, we expect regional economic development and job creation through the revitalization of the eco-friendly automotive industry in Yeongcheon.” He added, “We will continue to do our best to attract investments from local anchor companies and create jobs.”

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