Busan-Jinhae Free Economic Zone to Expand Special Cable Plant with $39 Million Investment

Investment Agreement Signed Between the Free Economic Zone Authority, Busan City, and Busan Cable and Engineering

The Busan-Jinhae Free Economic Zone Authority is taking steps to expand production and create jobs by attracting large-scale foreign investment.

On April 9, the Busan-Jinhae Free Economic Zone Authority (Director Seongho Park) announced that it had signed an expansion investment memorandum of understanding (MOU) worth $39 million (approximately KRW 5.46 billion) with Busan Metropolitan City and Busan Cable and Engineering, a subsidiary of Hwatong Cable Group.

The signing ceremony was attended by Hyungjun Park, Mayor of Busan; Shujun Zhang, General Manager of Hwatong Cable Group; and Seungil Kim, CEO of Busan Cable and Engineering.

On the 9th, at Busan City Hall, the investment MOU signing ceremony for the construction of Busan Cable and Engineering's Busan Plant 3 was held. Seongho Park, Director of Busan-Jinhae Free Economic Zone Authority (from the left), Hyeongjun Park, Mayor of Busan, and Shujun Zhang, General Manager of Huadong Cable Group, posed in front of the camera.

Busan Cable and Engineering is a foreign-invested company established in the Busan-Jinhae Free Economic Zone in 2019. Last year, it achieved sales of KRW 187.3 billion and exports of $100 million, and has created a total of 355 jobs to date.

This investment focuses on the construction of a third plant, aiming to expand production capacity for industrial special cables, power and communication cables, and wiring harnesses for electric vehicles.

Upon completion of the expansion, sales are expected to reach $300 million, with 435 new jobs anticipated. In the long term, employment is expected to grow to around 700 positions.

The parent company, Hwatong Cable Group, is an industrial cable manufacturer that counts global companies among its main clients and operates overseas production bases. This investment is an example of additional investment by an existing investor, demonstrating the competitiveness of the investment environment in the Busan-Jinhae Free Economic Zone. The expansion is also expected to generate about 4,000 containers of annual cargo volume, contributing to the revitalization of Busan New Port.

General Manager Shujun Zhang stated, "We have continued our business in a stable investment environment," and added, "We will contribute to the local economy and job creation."

Director Seongho Park emphasized, "This is a case where investment trust has led to additional investment," and added, "We will strengthen our role as a global supply chain hub."

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