Chungnam Attracts Investment from Chinese Semiconductor Company... "First Investment Agreement of the New Year"

Chungnam Province has attracted an investment worth 53 million dollars from a Chinese global semiconductor company. As the first investment achievement of the new year, Chungnam Province plans to increase the scale of foreign investment attraction with the goal of reclaiming the top position in foreign investment attraction this year.

Officials from Chungnam Province and Gangjeon Electronics are taking a commemorative photo after signing an investment agreement at the Chungnam Provincial Office on the 6th. Photo by Chungnam Province

On the 6th, Chungnam Province announced that Governor Kim Tae-heum of Chungnam, Mayor Park Kyung-gwi of Asan, and Wang Xuezhe, General Manager of China Gangfeng Electronics, met at the Chungnam Provincial Office to sign an investment agreement.

According to the investment agreement, Gangfeng Electronics will build a semiconductor and display ultra-high purity target (coating product) manufacturing plant on a 49,500㎡ site within the planned foreign investment zone in Eumbong, Asan, Chungnam.

To construct the factory, Gangfeng Electronics plans to invest 70 billion KRW by next year. It is also known that 200 employees will be newly hired locally.

After completing the factory construction next year, the company plans to start full-scale production and supply products to domestic semiconductor manufacturers such as Samsung Electronics and SK Hynix.

Chungnam Province and Asan City will lease the factory construction site to Gangfeng Electronics through the designation of the Asan Eumbong foreign investment zone and support the acquisition of business permits and the factory construction process.

Founded in 2005, Gangfeng Electronics is headquartered in Yuyao City, Zhejiang Province, China, and operates 15 business offices in the United States, Europe, Japan, and other regions.

As of 2022, Gangfeng Electronics recorded sales of 1.1 trillion KRW. Major clients include Samsung Electronics, SK Hynix, TSMC, Sony Japan, Infineon Germany, Samsung and LG Display.

Governor Kim Tae-heum of Chungnam said, “Asan is considered a leading region in cutting-edge industries such as semiconductors, displays, future cars, and secondary batteries, to the extent that it is called the ‘Rising Sun.’ Chungnam Province is focusing on nurturing Asan through the creation of a display-specialized complex and the establishment of an autonomous driving parts commercialization complex.”

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