Jinju City Confirms '2023 Basic Investment Attraction Plan'

Support for KAI Rotary-Wing Flight Center Construction and AAM, etc.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City in Gyeongnam announced on the 22nd that it held a meeting of the Jinju City Investment Attraction Committee at the city hall situation room.

At the meeting, the ‘2023 Investment Attraction Basic Plan,’ which includes overall contents for revitalizing investment attraction and regional specialized industries such as aerospace and bio, was reviewed and finalized.

In the 2023 Jinju City Investment Attraction Basic Plan, the city set this year’s investment attraction target amount at 130 billion KRW and confirmed the main tasks as ▲ stable support for the establishment of the KAI rotary-wing flight center ▲ leap to a space industry hub city through the development of microsatellites and designation of a satellite-specialized zone ▲ establishment of a future aerial mobility (AAM) aircraft development and demonstration center ▲ discovery and attraction of domestic and foreign investment companies related to materials, parts, and equipment industries within the national aviation industrial complex ▲ strengthening investment attraction marketing and B2B functions ▲ expansion and support of incentives for domestic and foreign investment companies.

Group photo of Jinju City, Gyeongnam's '2023 Basic Investment Attraction Plan' confirmation.

In addition, the city plans to find improvements and countermeasures through cooperation among industry, academia, research, and government to prepare co-growth policies in response to the stagnation of existing traditional industries such as bio and silk, and to continuously improve.

Mayor Cho Gyu-il said, “We will prioritize responding to corporate investment attraction, achieve the goals according to the 2023 Investment Attraction Basic Plan, and focus our capabilities on enhancing the city’s growth potential and the dynamism of the regional economy.”

To prepare for Jinju’s 100-year future, the city established a corporate attraction team in 2019 and recruited private experts, signing investment agreements with 37 companies totaling 610.6 billion KRW and creating 1,920 new jobs to date. Recently, the corporate attraction team was reorganized into the Aerospace Business Team to strengthen tasks for attracting strategic industries.