MOU Signing with Gomotec, Astrogen, and Showtech at City Hall on the 8th at 2 PM
Expectations to Secure Growth Foundation for Investment Attraction and Advancing as a Global Hub City
With consecutive corporate investments, Busan, a city favorable for business, has once again proven its appeal.
On the 8th at 2 PM, Busan City will sign memorandums of understanding (MOUs) for regional relocation and new investments with future advanced technology companies Gomotec, Astrogen, and Showtech at the city hall video conference room.
The signing ceremony will be attended by Mayor Park, Gomotec CEO Yoon Il-jin, Astrogen CEO Hwang Soo-kyung, Showtech CEO Kim Sang-woo, and Kim Ki-young, head of the Busan-Jinhae Free Economic Zone Authority, who will personally sign the MOUs.
Gomotec, a specialized company producing advanced refrigerator components, will invest 81.1 billion KRW to consolidate and expand its Gimhae headquarters and Busan second factory into a site of approximately 10,000 pyeong within the Gangseo International Industrial Logistics City.
This will create 450 jobs in the region (250 new hires and 200 transfers) through new employment and workforce relocation.
Recognized for its outstanding technology, Gomotec has been selected as a first-tier supplier to the global home appliance company LG Electronics and is diversifying its business by independently developing and launching a compact refrigerator (Como Refrigerator).
Until now, Gomotec’s headquarters (Gimhae) and second factory (Busan) were dispersed, reducing management efficiency. Due to increased orders for key products from its major client LG Electronics, additional production facilities were needed. To address this, the company was considering securing a large site and consolidating its operations.
Upon hearing this, the city immediately visited the headquarters to propose a customized location and promised administrative and financial support for investment in Busan, actively persuading the company. Thanks to these efforts, this investment attraction achievement was realized.
Astrogen, a pharmaceutical and bio company headquartered in Daegu, plans to build a manufacturing plant in Busan with an investment of 16 billion KRW and hire 40 new employees through this MOU.
Astrogen is focusing its internal capabilities on developing drugs for intractable neurological diseases with high unmet medical needs. Notably, its “world’s first autism spectrum disorder treatment,” which is under development with great commitment, successfully passed Phase 2 clinical trials with the Ministry of Food and Drug Safety in March last year and was recently designated as an orphan drug in the development stage, making product approval increasingly visible.
The city expects this investment to be an important foundation for expanding the bioindustry investment base in Busan.
Showtech, a big data and information technology (IT) company specializing in developing and building software and systems for efficient record information management in public and private institutions, will invest 5.7 billion KRW to relocate its headquarters to Busan and create 58 jobs (16 new hires and 42 transfers) through this MOU.
Showtech is accelerating the development of new technologies that combine artificial intelligence and big data with record management technology to expand the scope of the record management industry, which has so far focused mainly on simple digitization of records.
To this end, the company decided to invest and relocate its headquarters to Busan, where AI and big data talent are concentrated. Showtech plans to work closely with the city to help the regional economy leap forward and actively utilize the local AI-related industry infrastructure.
The city explained that this MOU signing follows the recent large-scale investment MOUs signed by advanced material parts companies such as DN Solutions and Shinseong ST, and plans to continue attracting excellent companies in future new industries, advanced manufacturing, and global foreign-invested companies, thereby securing a growth foundation to become a global hub city.
Mayor Park Hyung-jun said, “I sincerely thank the companies that decided to invest, believing in Busan’s future vision as a ‘happy city that empowers me and a city favorable for business.’” He added, “We will fully support the three companies signing the MOUs this time so that they can grow into companies responsible for Busan’s future by creating synergy effects with various city corporate policies based on their outstanding technology.” He also stated, “We will generously support this investment so that it can serve as a foundation for the development of related industries.”
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