Semiconductor, Battery, and Bio Companies Flock to Chungnam... 450 Billion Won Investment Jackpot

Governor Kim Tae-heum: "We will provide unwavering support until companies are firmly established in Chungnam"

Chungcheongnam-do Provincial Government Office View

Chungnam Province has once again demonstrated its reputation as a business-friendly region by securing investments totaling 450 billion won from 21 companies focused on advanced industries such as semiconductors, batteries, and biotechnology.

This investment is expected to create over 1,300 new jobs and generate an economic impact exceeding 100 billion won, including 613 billion won in induced production.

According to the province on October 13, Governor Kim Tae-heum of Chungnam signed investment agreements (MOUs) worth a total of 444.8 billion won with the heads of six cities and counties, including Kim Seokpil, acting mayor of Cheonan, and representatives from 21 companies, including Han Minseok, CEO of Waveis, at the provincial government’s main conference room on this day.

Under these agreements, the companies will either establish new or expand existing production facilities, or relocate factories from other regions or overseas, on a 300,000-square-meter site within six industrial complexes and individually designated locations in Chungnam by 2028.

Key investment details include the relocation of Waveis (35.2 billion won) and cosmetics manufacturer Lapique (23.3 billion won) to the Cheonan Technopark Industrial Complex, while companies such as IL, SM Tech, and Cospam will expand facilities for the production of LED, aerospace components, and health functional foods.

In Asan, companies such as Vitzrocell (35.7 billion won), Dongbo Tech (25 billion won), Younghwa Tech (42 billion won), and Kyungnam Pharm (6 billion won) are making significant investments in electric vehicle batteries, pharmaceuticals, and electronic components.

In Nonsan, eco-friendly building materials company Jungwoo Ecotile will invest 10.5 billion won to relocate its factory from Gyeongsan, North Gyeongsang Province, while in Hongseong’s Naepo Urban High-Tech Industrial Complex, Korea Testing & Research Institute (23.3 billion won) and Konyang University Industry-Academic Cooperation Foundation (14.2 billion won) will establish new research centers and production facilities.

In Seosan and Yesan, companies such as GH Natural, Myungseong Cable, and Wuzzle are also planning to establish new factories or relocate existing ones.

The province expects these agreements to serve as a catalyst for industrial advancement in the region and for creating jobs for young people.

The ripple effect on the local economy is projected to be significant, with 613 billion won in induced production, 257 billion won in value-added inducement, and 3,457 jobs created.

Governor Kim stated, “With this 450 billion won investment from 21 companies, Chungnam Province has attracted a total of 38.2 trillion won in investments from 290 domestic and international companies, which is more than double the achievement of the previous administration.”

He added, “We have held export consultation meetings with 631 companies, resulting in contracts worth more than 300 million dollars (400 billion won), and we are continuously creating a business-friendly environment through the designation of free economic zones and the direct connection of the Seohae Line to KTX.”

Governor Kim emphasized, “We will not engage in administrative actions that are only for show. We will provide full support until companies are firmly established in Chungnam and make Chungnam Province the best partner for corporate success.”

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