BUSAN < invest Korea

Busan-si attracted more than KRW 100 billion investment from three high-tech companies.

Busan-si announced that it will sign an MOU on new investment and relocation to Busan with Gomotec, Astrogen, and Showtech, future-oriented high-tech companies on May 8 at the City Hall.

The MOU signing ceremony will be attended by Busan's mayor, CEOs of Gomotec, Astrogen, and Showtech, and Commissioner of Busan Jinhae Free Economic Zone.

Gomotec, which produces refrigerator parts, will invest KRW 81.1 billion to relocate its headquarters in Gimhae and its 2nd plant in Busan to a 10,000 pyeong site in the international industrial logistics city in Gangseo-gu.

With this relocation, Busan is expected to see the creation of 450 jobs in Busan.

Gomotec is the the primary partner of LG Electronics, a global home appliance company, and pursues the diversification of its business, by launching its internally developed small small refrigerators.

Astrogen, a pharmaceutical and bio company based in Daegu, plans to build a manufacturing plant with investment of worth KRW 16 billion in Busan and hire 40 new workers under the MOU.

The world's first autism spectrum disorder treatment, under development by Astrogen, succeeded in phase 2 clinical trials by the Ministry of Food and Drug Safety in March last year, and was recently designated as an orphan drug in the development stage.

Showtech, a big data and information technology (IT) company, will invest KRW 5.7 billion to relocate its headquarters to Busan, and 58 workers, either transferred or newly hired, will be based in Busan.

Showtech is accelerating the development of new technologies that converge artificial intelligence and big data technologies with record management technologies to expand the record management industry, which was previously focused on simply computerizing records.



ccho@yna.co.kr

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Source: Yonhap News (May 8, 2024)