New and Expanded Facilities, Relocations Planned on a Total of 531,001 Square Meters by 2030
Province Projects 960 Billion Won in Production Inducement and 5,400 New Jobs
Twenty-nine domestic companies have decided to invest 670 billion won in ten cities and counties in Chungnam Province to build new production facilities or relocate existing ones.
On June 17, Chungnam Province signed investment agreements in the provincial government’s main conference room with representatives from ten city and county governments, including Kim Seokpil, acting mayor of Cheonan, as well as with CEOs from 29 companies, including Jung Youngwoong, CEO of Dubo Industry.
The 29 companies plan to invest a total of 669.4 billion won by 2030 to build or expand production facilities, or relocate them to industrial complexes and other sites totaling 531,001 square meters across ten cities and counties. Some of these companies will also be reshoring their overseas operations. The number of new jobs expected to be created by these companies is estimated at 1,395.
In particular, Ilsin Chemical, a manufacturer of plastic film and flooring, will invest 70 billion won to build or expand a plant on an 18,000-square-meter site in Seosan Indus Valley General Industrial Complex. Kwangsung Steel Pipe Industry, a producer of automotive steering components and heavy equipment steel pipes, will invest 13.2 billion won to build or expand a factory on a 7,933-square-meter site.
Additionally, JK Materials will invest 45 billion won to reshore its factory from Shandong Province, China, to a 3,710-square-meter site in Soonsung-myeon, Dangjin.
In Geumseong Agricultural Industrial Complex, High Food Tech, a manufacturer of ham and sausage products, will invest 45 billion won to build a new facility on a 10,921-square-meter site. In Geumsan Lithium General Industrial Complex, Hydro Lithium, a producer of high-purity lithium hydroxide and lithium carbonate for secondary batteries, will invest 21.6 billion won to build a new plant on a 43,966-square-meter site.
The impact of site development and construction by the 29 companies is projected to result in 960 billion won in production inducement, 403 billion won in value-added inducement, and the creation of 5,400 jobs within the province.
Governor Kim Taeheum explained, "Chungnam ranks third nationwide in exports and first in trade surplus, and since the launch of the eighth popularly elected administration, we have attracted 34 trillion won in investment from 262 domestic and international companies."
He added, "With the development of Bay Valley, the opening of the West Sea Line, and the connection to the Gyeongbu High-Speed Railway, the business environment in Chungnam is expected to improve further. In particular, we will provide strong support in areas such as site selection, administrative processing including permits, and talent supply."
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