Sacheon City, Synergy Effect of Opening the Korean Version of NASA Space Aviation Agency Becomes Reality

Investment Agreements Worth 285.3 Billion Won Signed with Eight Companies Including Aviation Firms

Expected Benefits Realized with Investments Attracted by the Opening of the Korea Aerospace Administration

The synergy effects resulting from the opening of the Korea Aerospace Administration, known as the Korean version of NASA, in Sacheon are becoming a reality.

On the 22nd, Gyeongnam Province announced that 11 companies in the aerospace industry and related sectors signed agreements to invest a total of 382.3 billion KRW and hire 1,336 people in four cities and counties: Sacheon, Haman, Goseong, and Sancheong.

The signing ceremony was attended by Park Wansu, Governor of Gyeongnam, Park Dongsik, Mayor of Sacheon, Cho Geunje, Mayor of Haman, Lee Sangeun, Mayor of Goseong, Lee Seunghwa, Mayor of Sancheong, and representatives from the 11 investing companies.

Among these, eight companies, including Korea Aviation Engineering & Maintenance Service (KAEMS), signed relocation and expansion investment agreements with Sacheon, where the Aerospace Administration has been established.

Photo of the signing ceremony where 11 companies, including those in the aerospace industry in Sacheon, invest 382.3 billion KRW and employ 1,336 people in four cities and counties: Sacheon, Haman, Goseong, and Sancheong.

The eight companies are Korea Aviation Engineering & Maintenance Service (KAEMS), Kencoa Aerospace, Daedong Gear, IOPS, Korea Chemical Tempered Glass, Dream CNC, Shinheung, and Doowon Heavy Industries.

These eight companies will invest 285.3 billion KRW in the Sacheon National Industrial Complex and Daedong General Industrial Complex, creating 886 new jobs.

IOPS, headquartered in Daejeon, is a specialized company operating various satellites such as Arirang and Cheollian, and will invest 20 billion KRW to create 30 jobs.

Korea Chemical Tempered Glass, a startup that succeeded in developing large-scale tempered glass manufacturing, will invest 27.5 billion KRW and hire 218 new employees in the Guam-ri area of Sacheon. The company is headquartered in Daegu.

Dream CNC, based in Pohang, Gyeongbuk, will build a production plant in the Guam-ri area of Sacheon for precision machinery equipment related to semiconductors and aerospace, investing 10.8 billion KRW and hiring 32 employees.

Shinheung, a tire and tube manufacturer, will make the largest investment among the eight companies with 132 billion KRW and will also hire the most employees at 323. Construction will begin after August 2024 in the Sadari Daedong General Industrial Complex in Chukdong-myeon, on a site of 102,469 square meters. Companies headquartered in Sacheon are also making additional investments and expansions.

Kencoa Aerospace will invest 40 billion KRW, Daedong Gear 30 billion KRW, Korea Aviation Engineering & Maintenance Service 13.5 billion KRW, and Doowon Heavy Industries 11.5 billion KRW. The number of new hires will be 131 for Kencoa Aerospace, 58 for Daedong Gear, 50 for Korea Aviation Engineering & Maintenance Service (KAEMS), and 44 for Doowon Heavy Industries, respectively.

Mayor Park Dongsik stated, "With the revision of the Aerospace Administration and the establishment of the Aerospace Complex City in Sacheon, we will provide maximum support so that these companies can take root and grow into medium and large enterprises."