Gimhae City Secures Investment Agreement of 86.6 Billion KRW with 9 Companies

Gimhae City in Gyeongnam Province and nine companies signed an investment agreement worth 86.6 billion KRW.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gimhae City, Gyeongnam Province signed an investment agreement worth 86.6 billion KRW with nine companies on the 1st.

The signing ceremony was attended by Mayor Hong Taeyong and representatives from the contracting companies: Taepyeongyang Jeonggi, Seogang Heavy Industries, Jeil Mat, Sineo Metal, Ssangyong Steel, Dongjin Precision & Hanchang Vacuum, Hapcheon Food, and Daemyung PMC.

Representatives from Seowon Distribution, Yujin Metal Industry, and Daehung R&T also participated as the city’s investment attraction advisors.

The city explained that it attracted eight manufacturing companies specializing in machinery and metal, its core industries, and one food manufacturing company to Daedong Advanced General Industrial Complex in Daedong-eup, Science Park General Industrial Complex in Hallim-myeon, Gasan General Industrial Complex in Jinyeong-eup, Seogimhae General Industrial Complex in Pungyu-dong, and the area of Jinrye-myeon.

According to the city, Hanchang Vacuum, a manufacturer of vacuum pumps, coil mats, machinery, and steel cutting and processing, along with its parent company Dongjin Precision, Jeil Mat, Seogang Heavy Industries, and Ssangyong Steel will expand and relocate their production lines to Science Park Industrial Complex, Daedong Advanced Industrial Complex, and Gasan Industrial Complex.

Taepyeongyang, a reducer parts manufacturer headquartered in Changwon, is preparing new investments in Seogimhae General Industrial Complex.

Sineo Metal and Daemyung PMC, manufacturers of steel and automation industrial equipment, have decided to relocate their headquarters from Busan to Daedong Advanced General Industrial Complex.

Hapcheon Food plans to build its third factory, a home meal replacement manufacturing plant, near its headquarters in Jinrye-myeon, and will proceed with land acquisition, facility investment, and hiring sequentially by 2023.

The city stated that following successful investments from metropolitan area companies at the Seoul investment attraction briefing in October, the investment from companies in the Busan and Gyeongnam regions has resulted in attracting 3.0912 trillion KRW in investments and creating 6,503 jobs this year.

Mayor Hong said, “Despite the recent global economic downturn and high interest rates causing a contraction in corporate investments, I sincerely thank the companies that decided to invest in our city,” and added, “We will continue to expand communication opportunities with companies and do our best to discover large-scale investment companies including major corporations, new industries, and innovative companies that will lead the regional industry.”