GWANGJU < invest Korea

Despite the European financial crisis and Korea’s economic slowdown, sales of the mold industry in Gwangju reached KRW 1.865 trillion last year, up 9.8 percent from KRW 989.5 billion in 2011.

Exports grew by 14 percent to KRW 333.1 billion last year, up from KRW 292.7 billion in 2011.

As the mold industry supports the fields of automobiles, home appliances, and mining, it is regarded as one of the most important sectors of the city.

Main reasons for the increase in sales include: developing value-added molding technology by increasing investments in the mold industry, preventing excessive competition among local mold companies and shortening the deadline to supply products by jointly obtaining orders.

The High-Tech Mold Center, built with an investment of KRW 32.2 billion and scheduled to open in June, is expected to increase the value-added mold manufacturing capabilities of local mold companies.

“We plan to develop Gwangju as a world-class mold supplier by increasing the sales of the mold industry by KRW 1.5 trillion by 2015,” said a Gwangju official.

Source: Newsis (Apr. 3, 2013)

** This article was translated from the Korean.