Sangju City and The East Sea Way Co. Sign Investment MOU

A Total Investment of 8 Billion Won, 20 New Hires
Establishment of a Seafood Processed Food Manufacturing Plant

On March 16, Sangju City and The East Sea Way Co., Ltd. (CEO Youngui Hong) signed a memorandum of understanding for the establishment of a seafood processed food manufacturing plant in the Sangju General Industrial Complex, at the main conference room of Sangju City Hall.

This investment amounts to a total of 8 billion won, with the plan to construct new facilities on a site measuring 12,580 square meters and to hire approximately 20 new employees.

Sangju City and The East Sea Way Co., Ltd. (CEO Youngui Hong) signed a memorandum of understanding for investment to establish a seafood processed food manufacturing plant within Sangju General Industrial Complex, followed by a commemorative photo session. Photo by Lee Whan Kim

The East Sea Way Co., Ltd., headquartered in Yeongdeok-gun, North Gyeongsang Province, is a food company that utilizes local specialties such as red snow crab and seafood to produce premium sauces like soy sauce and fish sauce as well as coin broth. By adding value to regional seafood, the company has been experiencing rapid growth.

With the attraction of this food company, if essential ingredients such as onions, green onions, and shiitake mushrooms are supplied through contract farming, it will greatly help local farmers secure stable sales channels. In addition, by forming a structure where agriculture and food processing industries are interconnected, the local agri-food industry ecosystem will be further strengthened, and the brand value of local agricultural products is also expected to improve.

Youngui Hong, CEO of The East Sea Way Co., Ltd., stated, “Through this investment, we are able to establish a factory in Sangju, which boasts excellent transportation networks, and we expect this to make a significant contribution to enhancing the company’s distribution competitiveness. We will strive to become a company that grows together with the region.”

A Sangju City official welcomed the signing of this memorandum of understanding, saying, “When competitive food companies like The East Sea Way Co., Ltd. move into the Sangju General Industrial Complex, it not only revitalizes the local agricultural and seafood processing industry but also greatly contributes to job creation and boosting economic vitality in the area. We will spare no effort in providing active support so that companies can grow stably.”

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