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Nova International to invest KRW 32.3 bln in Busan city

According to Yonhap News,

Nova International Co., Ltd, which brings its manufacturing in Vietnam back to Korea, unveiled its plan to make a KRW 30 billion worth of investments in Busan city. The reshoring company pledged to invest KRW 32.3 billion in establishing a research lab and production plant in Busan city, adding 85 new jobs at a meeting with the industry minister on Apr 1. The construction to build new facilities within Busan Gangseo Innopolis is set to come to an end in November this year.

Nova International, headquartered in Sasang-gu, Busan city, has long produced eco-friendly shoes made with environmentally sustainable materials, exporting 95 percent of its output. The shoe maker has been awarded the Gold Tower Order of Industrial Service Merit in 2018, and received the $50M Export Tower Award last year. The company reached KRW 43.7 billion in sales as of the year 2020 and has 243 employees.

They’re currently supplying footwear and apparel made largely from sugarcane bioplastics, genuine leather, shoelace made from recycled plastics exclusive to the U.S. unicorn startup, Allbirds.

Nova International has been picked out as part of reshoring company list last year after deciding to bring its production back to Korea from Vietnam. The government reaffirmed its commitment to supporting businesses, providing a diver form of support packages like cash grants or site support to incentivize reshoring companies capable of giving positive impact on the economy.

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Source: Yonhap News (Apr 1, 2021)

** This article was translated from Korean.