Chungnam Province Signs $67 Million Investment Agreement with Companies from Singapore and Switzerland

Genos Aerogel and Sika Sign Investment Memorandum of Understanding

Chungnam Province, which has set a goal to attract 45 trillion won in investments this year, secured an investment of 67 million dollars on the 21st.

On this day, Chungnam Province announced that a memorandum of understanding (MOU) for investment was signed with the attendance of Governor Kim Tae-heum, Kang Suhwan, CEO of Genos Aerogel, Torsten Nowack, CEO of Sika Korea, Oh Seonghwan, Mayor of Dangjin, and Kim Seokpil, Vice Mayor of Cheonan.

Genos Aerogel is a silica aerogel powder manufacturer headquartered in Singapore, and is a steadily growing company that has introduced new processes to reduce aerogel production costs.

This company will invest 45 million dollars to build a new automotive secondary battery insulation production facility on a 16,000-square-meter site in the expanded Cheonan 5 Foreign Investment Zone.

Additionally, it will establish a production facility for products aimed at improving the safety and performance of electric vehicle (EV) batteries.

Sika, headquartered in Switzerland, is a global manufacturer of construction materials and plans to expand its production base centered in Chungnam.

This company will invest 22 million dollars to build a manufacturing facility on a 50,000-square-meter site in the Dangjin Songsan 2-2 Foreign Investment Zone, and plans to produce products such as building and construction materials, coatings, and automotive silicone materials based on its advanced technology.

The province expects that the entry of these companies will create more than 100 jobs.

Governor Kim Tae-heum said, "Since the launch of the 8th civil administration, the province has attracted 32.3 trillion won in investments, with foreign investment exceeding 3.7 billion dollars. We continue to expand foreign investment zones and implement the most business-friendly policies in the country. I hope that the two companies, which have made bold investment decisions by trusting Chungnam, will find new opportunities and achieve greater growth and success here."

Meanwhile, with this investment agreement, the total foreign investment attracted by the province during the 8th civil administration has increased to 5.1141 trillion won.

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