Suwon City Provides 500 Million KRW Subsidy to Investment Attraction Company 'Uju Electro'

Suwon City provided a subsidy of 500 million KRW to the investment-attracting company Wooju Electronics.

The city of Suwon in Gyeonggi Province has provided an investment attraction subsidy of 500 million KRW to Wooju Electronics Co., Ltd., the fourth company attracted during the 8th term of the elected administration.

On the 19th, Suwon Mayor Lee Jae-jun handed over the subsidy to Chairman Roh Young-baek and President Roh Jung-san of Wooju Electronics Co., Ltd. at a ceremony held in his office. Wooju Electronics is the first company to receive the investment attraction subsidy.

According to the "Suwon City Ordinance on Promotion of Corporate Attraction and Investment Support," when an investment attraction company constructs a new building or acquires an existing building, the city supports an investment attraction subsidy of up to 500 million KRW within 6% of the investment amount. Additionally, if the company leases a building, the city provides a subsidy of up to 300 million KRW, covering up to 50% of the rent for three years.

In July of last year, Suwon City signed an "Investment Agreement for Headquarters and Research Institute Relocation" with Wooju Electronics Co., Ltd.

Wooju Electronics opened its Gwanggyo office in December last year, relocated its headquarters to Suwon in July this year, and completed corporate registration.

Established in 1993, Wooju Electronics Co., Ltd. is the leading domestic manufacturer of mobile connectors. It was the first in Korea to localize ultra-precision connectors and developed connectors for LCDs, displays, and mobile communication devices.

Connectors are connection devices that link electrical appliances and cords, or cords to cords, forming electrical circuits. They are one of the key components used in smartphones, TVs, automobiles, and more.

Wooju Electronics was listed on KOSDAQ in 2004, and its sales revenue in 2023 reached 159.9 billion KRW. The Suwon headquarters employs 101 people.

Mayor Lee Jae-jun of Suwon said, "Although the investment attraction subsidy from Suwon City may not seem like a large amount to companies, it is meaningful in that it fulfills the promise to actively support attracted companies." He added, "We will spare no effort to support employees so that they can enjoy excellent cultural and sports infrastructure in Suwon."

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