[Asia Economy (Pyeongtaek) = Reporter Lee Young-gyu] The creation of an electric vehicle parts cluster in the Poseung (BIX) district of Pyeongtaek, Gyeonggi Province, is gaining momentum.
On the 24th, the Gyeonggi Free Economic Zone Authority announced on the 25th that it had signed investment agreements with Youngshin Metal Industry Co., Ltd., Joyang Metal Co., Ltd., Ewha Industry Co., Ltd., Soltec, and Pyeongtaek City for the industrial facility land occupancy in the Pyeongtaek Poseung district.
According to the agreement, the Gyeonggi Free Economic Zone Authority and Pyeongtaek City promised to support various permits and approvals necessary for the companies' factory construction, as well as to resolve difficulties arising until completion. They also agreed to work together to contribute to revitalizing the local economy by establishing manufacturing facilities in the Pyeongtaek Poseung district and to operate and manage environmentally friendly facilities.
Youngshin Metal Industry Co., Ltd. plans to proactively respond to the electric vehicle era by establishing the industry's first dedicated factory for electric vehicle fasteners (bolts) in the Poseung district.
Joyang Metal also plans to establish an aluminum factory for automobiles based on 30 years of experience in the aluminum materials business.
Ewha Industry and Soltec will establish environmentally friendly carbon dioxide reduction devices and ship machinery manufacturing factories, respectively.
This agreement is expected to further strengthen the creation of an eco-friendly electric vehicle parts cluster in the Poseung district. It also raises expectations for fostering strong small and medium-sized enterprises by attracting materials, parts, and equipment companies.
Lee Jin-su, head of the Gyeonggi Free Economic Zone Authority, said, "We are grateful to the four companies that decided to invest in the Poseung district despite unfavorable domestic and international economic conditions such as COVID-19," and emphasized, "We will spare no administrative support to ensure that resident companies successfully continue their businesses in the Poseung district."
The Gyeonggi Free Economic Zone Pyeongtaek Poseung district has seen companies in automobile parts, chemicals, machinery, and other sectors move in one after another since the project's completion in December last year. The Gyeonggi Free Economic Zone Authority plans to contract the remaining industrial land in the Poseung district by the end of this month. Once the contract is made, the land can be supplied promptly to domestic and foreign demand companies without a separate sales announcement.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
