Chungnam Attracts Investment of 800 Billion KRW from 22 Companies

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province has attracted investment funds worth 800 billion KRW from 22 companies.

On the 8th, the province announced that Chungnam Governor Yang Seung-jo, Cheonan Mayor Park Sang-don, and heads of 8 cities and counties, along with representatives from 22 companies, gathered at the provincial office to sign investment agreements.

The agreement centers on 22 companies relocating or newly expanding production facilities on a site of 545,941㎡ in industrial complexes across 8 cities and counties.

Among these companies, 12 plan to newly expand existing production facilities, while 10 plan to relocate from areas such as Pyeongtaek and Hwaseong in Gyeonggi Province.

The scale of investment by these companies for relocating or expanding production facilities amounts to 803.7 billion KRW.

The province expects that once production activities of the 22 companies are in full swing, the region will see a production effect of 634.7 billion KRW and a value-added effect of 214.4 billion KRW. Additionally, approximately 1,400 new jobs are anticipated.

Chungnam Governor Yang Seung-jo said, “Considering the prolonged COVID-19 pandemic and the resulting economic downturn in the region, this large-scale investment attraction is great news for the local community,” adding, “The province will continue to discover and implement policies suitable for corporate activities to establish a foundation where more companies can settle and grow in Chungnam.”