Gumi City Achieves Investment Attraction of Over 8.1 Trillion Won in the 8th Term of Local Government

Aluminum Coil and Sheet Manufacturer 'Alco' Signs 250 Billion KRW MOU

Acquires Large Abandoned Factory Site in 1 Industrial Complex... Expected to Revitalize Local Economy

Gumi City in Gyeongbuk Province is accelerating its efforts to attract high-tech industries, following the acquisition of the Defense Industry Innovation Cluster in April last year, the designation of the Semiconductor Advanced Strategic Industry Specialized Complex in July, and its designation as an Opportunity Development Zone in June this year.

Through proactive investment attraction activities, the city has attracted companies from various sectors such as Isu Specialty Chemical, Toray Advanced Materials, LIG Nex1, and Gumi High-Tech Energy, achieving investment attraction results totaling KRW 3.8493 trillion from 263 companies as of this year.

Amid these developments, on the 19th, the city held the ‘2024 Gumi City Investment Entrepreneurs’ Night’ event at the large conference room on the 3rd floor of GumiCO, inviting 14 investment companies for 2024, Lee Nam-eok, Head of the Gyeongbuk Provincial Airport Investment Headquarters, the city council chairman, and over 80 others. During the event, opinions on key issues at investment sites were heard, and a vision for building a global economic city was shared.

The event proceeded with a pre-ceremony performance, MOU signing, a report on 2024 investment attraction activities, listening to corporate difficulties, and a banquet. Notably, the MOU signed that day between Alco, Gyeongbuk Province, and Gumi City is expected to significantly contribute to revitalizing the local economy through investment in a large abandoned factory site within Gumi Industrial Complex 1.

Under this investment agreement, Alco plans to invest approximately KRW 250 billion by 2030 in two phases and create over 500 new jobs to produce aluminum coils and sheets.

Alco is a newly established company this year by Malcolm International, an aluminum materials manufacturing firm, to expand its business. Based on the growth potential of the aluminum rolling market and strengthened price competitiveness of domestic products due to policy changes in China, Alco decided to build a new factory on a site of 66,115㎡ (about 20,000 pyeong) within Industrial Complex 1, aiming to secure stable clients.

The Gumi factory plans to establish a total of 20 rolling lines, with 4 lines in the first phase by 2027 and an additional 16 lines in the second phase by 2030. These lines will produce various products such as architectural exterior materials, electrical and electronic products, and packaging materials to meet domestic and international demand. Additionally, the factory will implement the latest packaging and stacking facilities and a smart factory system to provide a safe working environment and employ a large number of local workers.

After the MOU signing, the city presented a presentation on the major administrative policies and investment attraction achievements of Gumi City this year. Following this, the participating entrepreneurs shared difficulties faced at investment sites and freely discussed current issues in the Gumi economy and ways to overcome them, concluding the event.

Jukyeom Mok, CEO of Malcolm International, said, “I am grateful to the mayor and officials who helped establish a new business site in Gumi City. We always keep in mind that regional economic development is the company’s growth, and we will do our best to contribute to the local community and national economy.”

Mayor Kim Jang-ho said, “Despite difficult conditions this year such as high interest rates, high inflation, and global economic uncertainties, the designation as an Opportunity Development Zone has laid the foundation for Gumi City’s economic leap forward. This is thanks to the efforts of entrepreneurs who worked hard to revitalize the local economy and create jobs. Gumi City will continue to provide the optimal environment for companies to invest and grow and actively support local companies to enter the global market.”

Gumi City Investment Area Status 1st Industrial Complex. Provided by Gumi City