Trump Shock, We Must Safeguard Our Exports... Park Sungho, Head of Busan Jinhae Free Economic Zone Authority, Visits Global Companies

Discussing Business Cooperation Measures at Taewoong Steel Plant
Commissioner Park Sungho Strengthens On-Site Communication with Tenant Companies

The head of the Free Economic Zone Authority is taking time to communicate with key companies within the zone. Amid the ongoing tariff shock triggered by Trump, this move aims to listen to the difficulties faced by export companies and seek support measures.

Park Sungho, Commissioner of the Busan-Jinhae Free Economic Zone Authority, announced that on the morning of the 12th, he visited the steel plant of Taewoong Co., Ltd., a global mid-sized company located in the Busan-Jinhae Free Economic Zone, to hear about the company's difficulties and discuss possible support measures.

This visit was conducted to strengthen communication with key companies in the Busan-Jinhae Free Economic Zone and to explore ways to support them. In particular, at a time when U.S. President Trump decided to impose a 25% tariff on steel and aluminum products and abolish the duty-free quota for Korean steel products starting from the 12th (local time), the purpose was to assess the current situation of companies such as Taewoong and seek support for companies within the Busan-Jinhae Free Economic Zone.

Sungho Park, head of Busanjin Coast Guard Station (fifth from the left), visited Taewoong and shook hands with Taewoong CEO Youngdo Heo (sixth from the left) and others, posing for the camera.

Commissioner Park held a meeting with company officials, including CEO Heo Yongdo of Taewoong, to directly hear about operational difficulties and suggestions. Afterwards, he toured the production process and major facilities inside the plant and discussed support measures to strengthen the company's competitiveness.

Taewoong is a regional representative mid-sized company certified by the Ministry of Trade, Industry and Energy in 2021. It manufactures forged metal products for wind power, nuclear power, shipbuilding, and industrial plants. Starting as Taewoong Forging Industry in 1981 and incorporated in 1987, the company has continued to grow steadily. As of 2023, Taewoong recorded annual sales of 443.7 billion KRW and employed 455 people, evolving into a global mid-sized company with competitiveness in domestic and overseas markets such as the United States and Canada.

Chairman Heo Yongdo, as the inaugural chairman of the Tenants Association within the Busan-Jinhae Free Economic Zone Authority, has promoted regional economic development by sharing achievements and best practices among tenant companies, seeking solutions to difficulties and suggestions, and building a public-private cooperation network through strengthened collaboration.

With this visit as a turning point, the Busan-Jinhae Free Economic Zone Authority plans to implement policies reflecting the opinions of companies and prepare more practical support measures.

Commissioner Park Sungho emphasized, "We will spare no effort in providing active support at the level of the Free Economic Zone Authority so that outstanding companies like Taewoong, a regional representative mid-sized company, can grow even further," adding, "Listening directly to companies and finding solutions on-site is a key to revitalizing the economy."

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