Gyeongnam Province Signs Investment Agreement Worth 480 Billion KRW with Spring Cloud and CJ Logistics

Gyeongsangnam-do, Sacheon-si, Miryang-si, Korea Land and Housing Corporation, Korea Industrial Complex Corporation, CJ Logistics, and Spring Cloud have signed a large-scale investment agreement.
[Image source=Gyeongsangnam-do]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] On the 20th, Gyeongnam Province signed an investment agreement worth a total of 480 billion KRW and creating 2,205 new jobs together with Sacheon City, Miryang City, Korea Land and Housing Corporation, Korea Industrial Complex Corporation, Spring Cloud, and CJ Logistics.

This investment attraction is expected to contribute not only to job creation and revitalization of the local economy but also to enhancing Gyeongnam's competitiveness in the future automobile and data service industries and advancing as a smart logistics hub in the southeastern region.

Spring Cloud, a company specializing in autonomous driving mobility services, is currently promoting the development of core technologies and the advancement of business models to provide safer and more convenient services along with expanding autonomous shuttle service businesses domestically and internationally.

According to the agreement, Spring Cloud will create an innovative space within Sacheon 2nd General Industrial Complex to provide education related to the 4th industrial revolution and various contents and services. They plan to invest about 80 billion KRW on a site of 96,754㎡ and hire 105 new employees.

This investment is expected to secure sustainable growth potential for western Gyeongnam and play a significant role in the development of new future growth industries such as autonomous driving mobility and information and communication technology (ICT) industries.

CJ Logistics' investment is part of its ‘Innovative Technology Enterprise Growth’ plan, which aims to invest 2.5 trillion KRW by 2023 to expand platforms incorporating advanced technologies and secure specialized personnel.

According to the agreement, CJ Logistics will build a large-scale smart logistics center on a total site of 64,214㎡ within the Miryang Nano Convergence National Industrial Complex and hire about 2,100 new employees.

The center is planned to be constructed as an ‘energy self-sufficient smart logistics center’ leading the Green New Deal industry, and it also plans to establish a transportation system utilizing hydrogen, which is expected to contribute to the development of Gyeongnam’s hydrogen industry.

The signing ceremony was attended by Song Young-gi, CEO of Spring Cloud; Shin Young-su, Head of CJ Logistics Courier E-commerce Division; Ha Byung-pil, Acting Governor of Gyeongnam Province; Hong Min-hee, Acting Mayor of Sacheon; Park Il-ho, Mayor of Miryang; Hong Jun-pyo, Head of Gyeongnam Regional Headquarters of Korea Land and Housing Corporation; and Park Sung-gil, Head of Gyeongnam Regional Headquarters of Korea Industrial Complex Corporation.

Acting Governor Ha said, “This investment is expected to contribute to the activation of Gyeongnam-type Green New Deal industries and the development of the future automobile industry,” and added, “We will do our best to provide administrative support so that the companies’ investments can lead to good results.”