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Jeungpyeong draws KRW 447.1 billion investment this year, up 7.2%

According to Yonhap News,

(JEUNGPYEONG=Yonhap News) Chungbuk-do's Jeungpyeong-gun attracted investment of KRW 447.1 billion this year, a 7.2 percent increase from last year's KRW 411.7 billion.

SK Innovation has made an additional investment of KRW 175 billion.

SK Innovation moved into the Jeungpyeong Industrial Complex in 2010. It will expand its lithium-ion battery separator(LIBS) facilities for displays, influenced by the growth of the smartphone market.

SK Innovation has hired 200 employees to operate the additional facilities and helped create local jobs.

Nexflex, which has acquired SK Innovation's flexible copper clad laminate(FCCL) division to secure its growth engine, has also decided to invest KRW 120 billion in the Jeungpyeong Industrial Complex.

Nexflex will start its full-scale facility investment next year.

Hyundai Special Steel will move into the Second Jeungpyeong Industrial Complex, and has signed an investment agreement of KRW 13.8 billion with Chungbuk-do and Jeungpyeong-gun in August.

The annual investment of Jeungpyeong was KRW 380 billion in 2016, reaching KRW 417.2 billion last year, and it exceeded to KRW 442 billion this year, showing a steady growth.

Jeungpyeong-gun is close to the Jungbu Expressway and the Greater Seoul Metropolitan Area, which makes it an attractive investment destination. Also, its active investment promotion for companies has helped attract investment.

With continued investment, the Second Jeungpyeong Industrial Complex was completed in October last year, with 31 companies with a 100% occupancy rate. Among them, 16 companies have already finished building their own production plants that are in operation.

7 companies are expecting completion soon, and 8 companies are scheduled to start construction next year, which will contribute to revitalization of the local economy by creating jobs and increasing tax revenue.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (December 10, 2018)