Oseonggikong to Invest 14 Billion Won Over 3 Years to Build Excavator Plant in Yeongcheon... 23 New Hires Planned

Daegu-Gyeongbuk Free Economic Zone Authority and Yeongcheon City
Sign Investment Memorandum of Understanding

The Daegu-Gyeongbuk Free Economic Zone Authority (Commissioner Kim Byungsam) and Yeongcheon City signed a memorandum of understanding (MOU) for investment with Oseong Gigong Co., Ltd. at City Hall on the 4th.

The signing ceremony was attended by Kim Byungsam, Commissioner of the Daegu-Gyeongbuk Free Economic Zone Authority, Choi Kimoon, Mayor of Yeongcheon, and Kim Seonggon, CEO of Oseong Gigong Co., Ltd.

ByungSam Kim, head of the Daegyeong Regional Economic Zone Authority (left), SungGon Kim, CEO of Oseong Machinery (center), and KiMoon Choi, mayor of Yeongcheon, are holding the agreement documents and posing for a commemorative photo after signing the investment memorandum of understanding.

Oseong Gigong Co., Ltd. plans to invest KRW 14 billion over three years starting in 2025 to construct an excavator undercarriage frame production plant on a 12,654 square meter (3,834 pyeong) site in the Yeongcheon High-Tech Park District, part of the Daegu-Gyeongbuk Free Economic Zone, and to hire at least 23 new employees.

Established in 1993, Oseong Gigong Co., Ltd. currently operates business sites and research centers in Gyeongsan and Yeongcheon, manufacturing upper and lower frames for excavators, generator frames for ships, and bogie frames for railway vehicles.

Oseong Gigong Co., Ltd. stated that the global construction equipment market is expected to grow from $145.5 billion in 2024 to $271.3 billion in 2032, and that this investment was decided to become a specialized parts supplier in the global construction machinery and equipment sector through continuous technological innovation in line with the global market expansion of its clients.

The company also explained that the Yeongcheon High-Tech Park District offers excellent accessibility to Daegu and Ulsan via North Yeongcheon IC and Hwasan JC, and provides conditions for joint R&D and entry into new businesses with facilities such as the Gyeongbuk Embedded Vehicle Technology Institute and the Avionics System Technology Center, which contributed to their decision to locate there.

Commissioner Kim Byungsam stated, "Despite the increased volatility in the global market, I would like to thank the officials of Oseong Gigong Co., Ltd. for deciding to invest for greater growth, and we will do our utmost to ensure that the investment proceeds without any setbacks."