Chungnam Expands Employment and Investment by Attracted Companies... Playing a Vital Role in Revitalizing the Local Economy

[Asia Economy (Hongseong) Reporter Jeong Il-woong] The expansion of employment and investment by attracted companies brightens the economic outlook of the Chungnam region.

According to Chungnam Province on the 22nd, a total of 608 companies from other regions have completed factory construction and started operations from the 1st to 3rd quarters of this year. This is an increase of 88 companies (16.9%) compared to 520 companies during the same period last year.

Above all, the average number of companies that started new factory operations per month until the 3rd quarter of this year was 67.6. If this trend continues, the province expects the number of companies completing and operating new factories by the end of this year to exceed 800.

The completion and operation of factories by attracted companies are directly linked to local employment and investment. For example, the total investment by the 608 companies that started factory operations from the 1st to 3rd quarters this year in Chungnam amounted to 4.8444 trillion KRW, which is 2.8 times more than 1.6939 trillion KRW during the same period last year.

Also, during the same period, the number of employees increased from 6,742 to 13,301 this year, roughly doubling. This indicates that the companies incorporated into the region are acting as a positive factor in revitalizing the local economy.

Building on this momentum, the province is currently focusing on attracting companies to further stimulate the local economy.

Just yesterday, the province achieved results by signing investment attraction agreements with 14 companies in five cities/counties: Boryeong, Gyeryong, Seocheon, Yesan, and Asan. These companies plan to newly build, expand, or relocate factories on a total site area of 280,201㎡ in industrial complexes across the five cities/counties, with an investment scale reaching 199.7 billion KRW.

If the investment attraction by these 14 companies leads to actual factory completion and operation within the region, Chungnam expects production effects of 343.7 billion KRW, added value effects of 95.4 billion KRW, and new employment effects of approximately 730 people.

These companies are known to be relocating their bases from Incheon and Gyeonggi-do’s Hwaseong, Goyang, Bucheon, as well as Gunsan in Jeonbuk, to Chungnam.

Yang Seung-jo, Governor of Chungnam Province, said, “Chungnam is focusing on attracting companies by creating a virtuous cycle regional economic ecosystem with the goal of becoming ‘Chungnam, a good place to do business.’ The province will continue to concentrate administrative power to ensure that excellent domestic companies can continue investing in the region and strive to fuel the revitalization of the local economy.”