Automotive Parts Manufacturer 'Jinyang Industry' to Invest 80 Billion KRW in New Factory Construction in Gyeongju

Jinyeong Industry, a leading automotive parts forging company in Korea, is establishing a new factory in Gyeongju.

On the 31st, at Gyeongju City Hall, Lee Dal-hee, Deputy Governor for Economy of Gyeongbuk Province, Joo Nak-young, Mayor of Gyeongju, and Jinyeong Industry’s CEOs Jeong Gil-sang and Ahn Jeong-mo attended a ceremony where Gyeongbuk Province and Gyeongju City signed a Memorandum of Understanding (MOU) with Jinyeong Industry to build a factory for producing forged automotive parts.

Gyeongju Myeonggye 3 Industrial Complex

According to this agreement, Jinyeong Industry will invest 80 billion KRW by 2025 to build a forged parts production factory for internal combustion engine vehicles and electric vehicles on a 58,500㎡ (17,726 pyeong) site in the Myeonggye 3 General Industrial Complex in Gyeongju, creating approximately 160 new jobs.

Founded in 1976, Jinyeong Industry is a mid-sized company with about 50 years of history and outstanding competitiveness in the automotive forging sector.

Its main clients include Hyundai and Kia Motors, as well as affiliates of the Hyundai-Kia Group such as Hyundai Transys and Hyundai Wia. In 1993, it established and has been operating a subsidiary, Maseong Industry, in Mungyeong.

This investment is significant as it covers not only parts for internal combustion engine vehicles but also parts for electric vehicles, producing components for internal combustion vehicles?which still have strong demand especially in developing countries?and for electric vehicles, which are becoming the future of automobiles.

In March, Gyeongju achieved the remarkable designation of the SMR National Industrial Complex, creating a groundbreaking opportunity to lead future key industries in mobility and nuclear energy.

Jeong Gil-sang, CEO of Jinyeong Industry, promised, “To become a trustworthy company, we plan to actively invest in R&D and employee skill development. We will prioritize hiring Gyeongju citizens for the new factory to grow together with the local community.”

Lee Dal-hee, Deputy Governor for Economy of Gyeongbuk Province, said, “This investment acts as a catalyst attracting good companies to Gyeongju, coinciding with the designation of the SMR National Industrial Complex. We hope that Jinyeong Industry’s craftsmanship in forging internal combustion engine parts will extend to electric vehicles as well.”