Invest KOREA

Even amid the global economic slowdown, Changwon in north Gyeongsang Province (Gyeongbuk) sees a growing investment from companies.

Changwon has signed new or additional investment contracts with four companies since January, which is a remarkably greater achievement as compared to a 17 billion won-facility investment attraction from an automotive component manufacturer last year.

Last month, Changwon inked a 19.3 billion won and 13 billion won deals with machine tool manufacturer Sam Hung Machinery and industrial plant manufacturer TAEHYUNG, respectively, to build their second factories in Jinbuk Industrial Complex.

It also concluded an 8.2 billion won-facility investment contract in March with ship engine component manufacturer PRETECH in Jinbuk Industrial Complex and signed an additional facility-investment deal worth 5.2 billion won with automotive component manufacturer DONGYANG in Changwon National Industrial Complex in July.

The city is negotiating with Japan's DENSO Group, a global automotive component manufacturer, to build a factory in the high-tech industrial complex in the Masan-Happo area.

This year's substantial achievement made by Changwon seems attributable to Changwon officials' aggressive efforts to attract investment by visiting companies frequently to explain incentives offered by the central government and addressing investors' grievances.

"Our aggressive efforts have eventually borne fruit with increasing investment. We will maintain this momentum to stimulate the regional economy and create jobs," said Changwon's vice mayor Jo Gi-ho.

Source Text

Source: Yonhap News (Aug. 14, 2012)

** This is the translation of a Korean article.