Proactive Corporate Support and Expanded Subsidies Drive Large-Scale Investment
Gyeongsan City (Mayor Cho Hyunil) announced on the 24th that it had attracted investments totaling 531 billion won in 2025 through proactive corporate attraction activities and a variety of support policies aimed at easing the financial burden on businesses.
This investment total includes new and expanded investments from four companies: Hyundai Premium Outlet with 358 billion won, Ajin Industrial Co., Ltd. with 133 billion won, Binotech Co., Ltd. with 22.6 billion won, and Valeo Mobility Korea Co., Ltd. R&D Center with 17.4 billion won.
The city explained that, despite complex challenges such as changes in the international situation and economic downturns, its proactive administrative response and expanded subsidy support have created an environment where companies can invest with stability, which has been the driving force behind these results.
Gyeongsan City achieved a remarkable investment attraction of a total of 531 billion won in 2025. The photo shows the groundbreaking ceremony of Bionotech. Photo by Gyeongsan City
▲Hyundai Premium Outlet, Targeting Opening in 2028
In December 2022, Gyeongsan City launched a citizen signature campaign to attract the outlet, submitting a petition with 160,000 signatures to the Ministry of Trade, Industry and Energy.
Over the following two years, the city continuously persuaded the ministry of the necessity and justification for the project, ultimately leading to a change in the development plan that converted industrial land into land for distribution and commercial facilities.
In February of this year, Hanmoo Shopping was selected as the successful bidder for the distribution and commercial facility land and signed a contract. The initial concept design is currently underway, and the first rendering is scheduled to be released in early December.
▲Ajin Industrial Co., Ltd. Passes Review as a Reshoring Company
Ajin Industrial Co., Ltd., which liquidated its Chinese subsidiary and returned to Korea, requested 30,000 pyeong of industrial land around October 2023. In response, Gyeongsan City actively pursued regulatory improvements, such as lifting the foreigner reservation zone within the Gyeongsan Knowledge Industry District, leading to an amendment of the district’s implementation plan.
In May, the company passed the Ministry of Trade, Industry and Energy’s review committee for reshoring investment subsidies and will receive support for 31.9% of its total investment. The current construction progress is about 70%, with completion targeted for April 2026.
▲Eased Support Conditions for the Cosmetics Specialized Complex
The initial sales rate for the cosmetics specialized complex was low due to relatively high land prices compared to other industrial complexes. However, Gyeongsan City reflected the unique circumstances and difficulties of cosmetics-related companies by amending the ordinance to ease support conditions exclusively for the specialized complex in two stages from late last year through this year, and actively worked to attract investment.
As a result, the high-quality company Binotech Co., Ltd. decided to invest, and in April this year, the Gyeongsan City Corporate Attraction Committee resolved to support 22% of its total investment.
Binotech Co., Ltd. currently has a construction progress rate of about 60%, with completion scheduled for March 2026.
▲Valeo Mobility Korea Co., Ltd. R&D Center Expansion
Following the decision by Valeo Mobility Korea Co., Ltd. to invest in its R&D center, the city actively explained the need to foster local research and development talent and to encourage follow-up investments at the foreign investment cap review committee hosted by KOTRA in November. As a result, the support rate for the proposed investment was successfully raised from 32% to 34.88%.
Through this, the company secured an additional 500 million won in subsidies, and the city expects to take a further step toward establishing an ecosystem for the future automotive parts industry.
Mayor Cho Hyunil of Gyeongsan City stated, "The attraction of such large-scale investments this year is the result of continuous efforts and strengthened corporate support since 2022," adding, "We will continue to reduce the financial burden on companies and create the optimal environment for stable investment."
Meanwhile, Gyeongsan City is accelerating the construction of key industrial infrastructure, including Imdang Unicorn Park, Sangnim Rehabilitation Specialized Complex, and the Fifth General Industrial Complex.
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