Jeonnam Province Signs Investment Agreement Worth 341.8 Billion KRW with 7 Future Growth Companies

[Muan=Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province announced on the 3rd that it signed a written investment agreement worth 341.8 billion KRW with seven companies, which will be future growth engines, in cooperation with five cities and counties: Yeosu City, Jangheung County, Hampyeong County, Yeonggwang County, and Jindo County.

Once these companies complete their investments, it is expected that 126 new jobs will be created in the five cities and counties.

According to the agreement, Gonggan Co., Ltd. will invest 2 billion KRW in the Jangheung Bio Food Industrial Complex to build a factory producing elastic pavement materials, waterproofing materials, and anti-slip pavement materials using environmentally friendly construction methods that align with the green growth era.

Agricultural Corporation Natureun Nae Mom Ae Co., Ltd. will invest 6.8 billion KRW in Gunam-myeon, Yeonggwang, to establish a new enzyme Makgeolli production factory using 300 types of wild herbs.

YJC Co., Ltd. will spend 15 billion KRW to expand its ceramic container manufacturing factory for cathode active material heat treatment in the Hampyeong School Agricultural and Industrial Complex, in line with the increased production of cathode materials for electric vehicles (EV) by major customers such as LG Chem and EcoPro BM.

Daejin ENG will invest 5.7 billion KRW in the Hampyeong Bitgreen Industrial Complex to establish a factory producing hoists and H-beam steel structures.

Jindo Sarang will build a seasoned gim (seaweed) production factory in the Jindo Gunnae Agricultural and Industrial Complex to pioneer the domestic market.

In Yeosu, two companies, Huchems Co., Ltd. and Puriozen Co., Ltd., will execute large-scale investments totaling 310 billion KRW.

Huchems Co., Ltd. will invest 250 billion KRW to expand a factory near its existing plant to produce 400,000 tons annually of nitric acid based on ammonia by 2023.

Puriozen Co., Ltd. will invest 60 billion KRW to complete a factory by the end of the year in Wolhadong to produce resin for purifying biopharmaceuticals such as antibody therapeutics, protein drugs, and vaccines.

A Jeonnam Province official said, “We deeply appreciate the companies that decided to invest in Jeonnam despite difficult conditions,” and added, “We will do our best to provide administrative support so that these investments become future growth engines for Jeonnam.”