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Changwon Mayor Park Wan-su exchanged a letter of intent (LOI) for investment with the vice president of Denso Group to establish a cutting-edge factory on a 70,000 square meter-site in Changwon, south Gyeongsang Province (Gyeongnam).
Changwon pledged to provide various administrative and financial supports from the pre-investment to post-investment stages.
The LOI for investment was forged due to Changwon's aggressive efforts to entice Denso PS Electronics Corporation, an affiliate of Denso Group, located in Changwon, seeking to expand its automotive component business in Korea, to make an additional investment.
Changwon introduced its industrial complexes and offered detailed information on strengths and weakness of each complex to Denso Group. And then a chief investment officer from the headquarter of Denso Group visited Changwon to examine potential factory sites.
Reportedly, Denso Group is considering a 75,000 square meter-industrial complex in the Masan-Happo area as the most potential candidate site.
"The investment attraction from the global company Denso Group will revitalize our local economy along with job creation. We will provide all possible supports at various stages from the establishment of a factory to its operation," said Mayor Park.
Changwon plans to set up a taskforce team to provide Denso Group with customized one-stop services.
Last year, Denso Group ranked second in the global automotive component sector with 187 subsidiaries all around the world.