Rush of New Automobile Parts Factory Investments in Ulsan... Two Sites Attracted This Year

There is a rush of new investments in parts manufacturing plants in Ulsan, known as the "automotive industry city."

Following the investment attraction of automotive parts company Seonjin Industry Co., Ltd. in February, Ulsan City has successfully led Shin Gi Logics Co., Ltd. to invest in automotive parts production facilities.

On the 20th at 11 a.m., Ulsan City and Shin Gi Logics Co., Ltd. will sign a "Memorandum of Understanding for New Investment in Automotive Parts Production Facilities" at the mayor's office on the 7th floor of the city hall main building, attended by Ulsan Mayor Kim Doo-gyeom and Shin Gi Logics CEO Lee Joo-hyung.

Shin Gi Logics Co., Ltd. plans to establish a manufacturing plant for automotive parts in Maegok General Industrial Complex, Maegok-dong, Buk-gu.

Ulsan City will provide administrative support such as permits and approvals for investment implementation, as well as financial support including subsidies.

In particular, Shin Gi Logics has committed to prioritizing the employment of Ulsan citizens when hiring personnel necessary for the new investment and operations, and to investing part of the investment amount in improving employee working environment facilities.

Additionally, during the construction of production facilities, the company plans to cooperate with Ulsan City to create jobs and revitalize the local economy by purchasing construction, services, and supplies from local Ulsan companies.

Shin Gi Logics aims to respond swiftly to the future car era with new investments aligned with the domestic automotive industry's shift from fossil fuels to eco-friendly vehicles.

The company will consolidate its existing leased business sites in Ulsan’s Jungsan General Industrial Complex, Yeocheon-dong in Nam-gu, and Gyeongju, and will begin construction in June this year on an 8,578㎡ site in Maegok General Industrial Complex, Buk-gu, for an "automotive parts manufacturing plant," scheduled for completion in February 2024. The total project cost is 15.3 billion KRW.

Lee Joo-hyung, CEO of Shin Gi Logics, said, "We will become a company essential to Ulsan by responding to customer demand in the automotive market transitioning to eco-friendly vehicles and by continuously developing parts design and technology in preparation for the future car era."

Ulsan Mayor Kim Doo-gyeom said, "We are pleased with Shin Gi Logics’ new investment in the 'automotive parts manufacturing plant' and hope this investment will help the company grow into a leading automotive parts company representing Ulsan."

Ulsan City Hall.

원본보기 아이콘

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.