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22 companies including semiconductor equipment manufacturer, to invest KRW 800 bln in Chungnam

According to Yonhap News,

22 companies, including semiconductor equipment makers, will invest KRW 800 billion to build new and expand factories in Chungcheongnam-do.

Chungnam Province signed an investment agreement (MOU) with the heads of 8 cities and counties and 22 companies at the provincial government office on December 8.

Twenty-two companies will invest KRW 803.7 billion in 8 cities and counties including Cheonan, Gongju, Boryeong, Asan, Seosan, Dangjin, Hongseong, and Yesan.

In particular, 10 companies will relocate their factories from other regions to Chungcheongnam-do.

In the northern BIT industrial complex in Cheonan, TSI, a secondary battery mixing equipment company, will invest KRW 38 billion to relocate its plant from Hwaseong, Gyeonggi Province, and ECI an automobile complex display company, will also spend KRW 25 billion to relocate its plant from Siheung, Gyeonggi Province.

Changshin Steel, a steel wire manufacturer, will relocate its factory from Gunsan, Jeollabuk-do to the Ungcheon General Industrial Complex in Boryeong, while Haecheongjeong, a seaweed processing company, will relocate its factory into Wando, Jeollanam-do.

Merco, a metal painting company, will invest KRW 11.2 billion to move its Hwaseong plant in Gyeonggi-do to Songsan 2 General Industrial Complex in Dangjin, and Abavision, a video equipment maker, will also move its Anyang plant in Gyeonggi-do to Naepo Urban High-tech Industrial Complex in Hongseong.

The sector that receives the largest investment is a logistics center to be established.

Dakonet, a destributor, will invest KRW 256 billion to build a logistics center in the Asan Inju Industrial Complex, and Cheonjo Group will also invest KRW 150 billion to build a new logistics warehouse on a separate site in Jeongmi-myeon, Dangjin-si.

Chungnam-do expects that once 22 companies begin production in earnest, it will lead to production effect of KRW 634.7 billion and an added-value effect of KRW 214.4 billion within the province.

The effects of construction, such as site creation and equipment purchase, were expected to lead to KRW 1.6 trillion production-inducing effects and KRW 392.1 billion value-added creation effects.

The number of new employees was estimated to be 1,402.

Source Text

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Source: Yonhap News (December 8, 2021)

** This article was translated from Korean.