Gumi City's Investment Attraction Race Unstoppable Despite Economic 3 Highs... 3.7 Trillion Won This Year Alone

Awarded 'Grand Prize' in 2024 Gyeongbuk Province Investment Attraction Evaluation

Triple Crown: Excellence Awards for Public Officials and Investment Companies in Local Government Category

Gumi City in Gyeongbuk received the Grand Prize at the ‘2024 Gyeongsangbuk-do Investment Attraction Awards’ ceremony held on the 20th at the Anmin Hall of the Gyeongbuk Provincial Government Office.

Gumi City received the Grand Prize at the '2024 Gyeongsangbuk-do Investment Attraction Awards' ceremony held on the 20th at the Anmin Hall of the Gyeongbuk Provincial Government. Photo by Gumi City

This marks the fifth consecutive year of achievement following Grand Prizes in 2019, 2021, and 2022, and an Excellence Award in 2023. The award was not held in 2020 due to COVID-19.

This evaluation was conducted by dividing the 22 cities and counties of Gyeongbuk Province into three groups and comprehensively reviewing investment attraction performance and efforts to revitalize investment. Gumi City received excellent evaluations in investment performance and environmental improvement efforts, securing the Grand Prize.

Since the launch of the 8th term of the elected administration, Gumi City has continuously established a foundation for attracting advanced industries, including designation as a Defense Innovation Cluster, selection as a Semiconductor Specialized Complex, and designation as an Opportunity Development Special Zone. These achievements have become a stepping stone for Gumi City to leap forward as a hub of advanced industries.

Despite external challenges such as the economic triple high phenomenon of high interest rates, high inflation, and high exchange rates, as well as global supply chain instability, Gumi City recorded remarkable investment attraction results.

The city signed investment agreements with companies in the secondary battery sector such as Isu Specialty Chemical and PNT, and in the defense sector with LIG Nex1, Genoco, and Bigtec. Additionally, it signed investment agreements with foreign investors and domestic returning companies such as HiMK, Toray Advanced Materials, and Kolon Glotech, leading to regional economic revitalization. Due to these achievements, Gumi City also received the Presidential Citation at the ‘2024 Foreign Investment Attraction Merit Awards’ hosted by the Ministry of Trade, Industry and Energy on November 5.

In particular, as a project to lead the rapidly growing data center industry, Gumi City signed a large-scale investment agreement with Gumi High-Tech Energy, establishing an important foothold in the data center sector. As a result, this year Gumi City achieved outstanding MOU signing results with a total of 19 companies, KRW 3.7066 trillion, and the creation of 1,385 jobs. This is significant in that Gumi City is securing sustainable growth momentum in line with future industrial trends.

Aprosemicon, the first company attracted after the designation of the semiconductor specialized complex, also contributed to Gumi City’s investment attraction achievements by receiving the Excellence Award in the investment company category in this evaluation.

Gumi's Investment Attraction Sprint Unstoppable Despite the Three Economic Challenges (2nd from the left: Lee Dong-geon, Vice President of AProsemicon; 4th: Jo Cheol-ho, Executive Director). Provided by Gumi City

This company, which produces Gallium Nitride (GaN) epiwafers, signed an investment agreement worth approximately KRW 72 billion with Gumi City last year and completed a new factory in the High-Tech Valley on December 16 this year. The relocation of its headquarters to Gumi is expected to greatly contribute to strengthening the competitiveness of the local semiconductor industry through the influx of skilled personnel and technology.

Mayor Kim Jang-ho stated, “Although difficult conditions such as the US interest rate hikes and global supply chain instability are expected, Gumi City will provide the optimal environment for companies to grow,” adding, “We will further solidify our position as a city favorable for investment through effective policies such as improving residential conditions and expanding transportation and industrial infrastructure, and continuously attract investment.”

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