GWANGJU < invest Korea

According to Yonhap News,

(GWANGJU=Yonhap News) The City of Gwangju has reaped the first reward of its initiative to overcome the local home appliances industry crisis, after Samsung Electronics moved its home appliances production lines overseas, by encouraged local businesses to create joint Gwangju brands.

The City announced Feb. 13 the Jungheung Construction and the home appliances manufacturer Gwangjin Industry signed a sales contract worth KRW 5 billion for automatic standby power shutdown outlets.

The contract is a product of the Joint Gwangju Brand Initiative launched by the City to breathe new life into the struggling local home appliances industry, by providing various support including for the establishment of final goods production systems.

The initiative encourages local construction companies to give priority in purchasing products made by small and medium home appliance businesses.

The City hopes the initiative will help local home appliance businesses see greater profits, and lower their dependency on conglomerates. The new brand name and design will be released later this month.


nicepen@yna.co.kr

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