Changwon Special City Signs Large-Scale Investment Agreement Worth 188.5 Billion KRW with 3 Companies

145 New Jobs Expected in Aerospace, Aviation, Internal Combustion Engines, and Precision Machine Tools

On the 12th, Changwon Special City in Gyeongnam signed an investment agreement worth 188.5 billion KRW with three companies: Hanwha Engine, GTEL, and Samchully Machinery, at the Gyeongnam Provincial Government Office's policy meeting room. This agreement is expected to revitalize the local economy and create 145 new jobs.

Hong Nampyo, Mayor of Changwon Special City, is giving a greeting speech at the business and investment agreement ceremony.

The signing ceremony was jointly held with the attendance of Hong Nampyo, Mayor of Changwon Special City; Park Wan-su, Governor of Gyeongsangnam-do; heads of three cities/counties (Miryang, Changnyeong, Namhae); Kang Min-wook, Executive Director of Hanwha Engine; Hwang Geon-ho, CEO of GTEL; Seo Jae-won, CEO of Samchully Machinery; and representatives from six companies.

Hanwha Engine is a global manufacturer of low-speed engines for ships, providing solutions throughout the entire engine lifecycle, from engine design, manufacturing, and sales to parts sales. Through this agreement, Hanwha Engine plans to consider expanding production facilities for eco-friendly engines, whose demand is increasing, thereby contributing to the creation of quality jobs and revitalization of the local economy for mutual benefit.

Changwon Special City Signs Investment Agreement of 188.5 Billion KRW with Three Companies.

GTEL is an excellent venture company specializing in manufacturing manned aircraft and spacecraft auxiliary devices (antennas). In September last year, it succeeded in developing a low-earth orbit satellite ground station antenna system and is now set to commercialize the product in earnest. Accordingly, to prepare for an increase in orders for aerospace products in the future, GTEL plans to establish additional production facilities for gateway antennas within the Dongjeon General Industrial Complex in Changwon.

Samchully Machinery is a manufacturer of precision machine tool accessories such as hydraulic chucks and rotary tables. Since its founding in 1975, it has led the localization of machine tool peripherals and supplies all domestic machine tool makers with excellent performance and quality. Headquartered in Incheon Metropolitan City, a metropolitan area company, it plans to establish a local business site within the Changwon National Industrial Complex to strengthen collaboration with major local clients and proceed with new developments.

Hong Nampyo, Mayor of Changwon Special City, said, “I am grateful to the companies that decided on large-scale investments at this critical moment when Changwon is opening a new future for the next 50 years with the creation of a new national industrial complex, the nation’s first digital free trade zone, the future mobility opportunity development special zone, and the drone and AI autonomous manufacturing specialized complex.” He promised, “We will do our best to provide administrative support so that the investing companies can settle stably and expand globally.”