Incheon City Signs Agreement with Seoyeon Top Metal to Support Settlement of First 'Reshoring Company' in Original Downtown

On the 21st, Incheon City signed a "Business Agreement for Investment Promotion and Support for Stable Settlement" with Seoyeon Top Metal Co., Ltd., the first company to return to the original downtown area of Incheon.

Under the agreement, the city plans to actively support the company so that it can settle in Incheon and increase its investments. Seoyeon Top Metal has pledged to contribute to the development of the local community through active investment in the region and by giving hiring priority to Incheon citizens.

At the "Incheon City-Seoyeon Top Metal Domestic Return Business Cooperation MOU Signing Ceremony" held at Incheon City Hall on the 21st, Hwang Hyojin, Deputy Mayor for Global City Affairs of Incheon City (third from the left), and Choi Wonjae, CEO of Seoyeon Top Metal, are posing for a commemorative photo after signing the agreement. Photo by Incheon City

Founded in 1987, Seoyeon Top Metal is a mid-sized company affiliated with the Seoyeon Group, specializing in the production of automotive interior moldings and excavator cabins. In order to produce automotive parts, the company established a local subsidiary in Mexico in 2013, but later withdrew from the market and developed a plan for domestic expansion investment. In June 2022, it was selected by the Ministry of Trade, Industry and Energy as a company returning to Korea.

Last year, Seoyeon Top Metal made a new investment of 20 billion won in its factory located in the Namdong National Industrial Complex in Incheon, establishing an automated painting system for excavator cabins and creating over 240 new jobs. The company’s sales last year reached 182.4 billion won.

Choi Wonjae, CEO of Seoyeon Top Metal, said, "We are grateful for Incheon City's deep interest in and support for companies returning to Korea," adding, "We will continue our efforts for regional development by actively investing, developing technology, and hiring local talent in line with the city’s policies."

Hwang Hyojin, Deputy Mayor for Global City Affairs of Incheon City, stated, "Building on the ordinance established last year to support returning companies, we will prepare various support measures and establish a network of related companies to attract and help returning companies settle in Incheon."

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