South Gyeongsang Province inks deals for international, local investments
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The South Gyeongsang Province government has signed multiple memorandums of understanding with international and local firms in the defense, aviation, industrial and automobile parts sectors for investments in the province's industrial zones.
Delegations for the province, headed by Gov. Park Wan-su, visited European countries including Poland and Czech Republic to elicit cooperation with companies that have expanded their operations into the region.
On Sept. 2 in the Polish capital Warsaw, provincial officials signed an investment deal with PT Young Aviation, an Indonesia-based company that deals with a wide range of aircraft-related businesses, such as for rental, structural changes and aircraft parts sales. The company agreed to invest 20 billion won ($14.9 million) in setting up a local office for maintenance, repairs and operations, while hiring 45 people to train as specialists.
In addition, the provincial government signed a memorandum with Matis Co. regarding the company's plans to invest in the Ppuri Industrial Complex in the city of Jinju, South Gyeongsang Province. Founded in 2020, Matis Co. is a Jinju-based defense company that provides equipment needed in aviation and tactical information communications networks. According to the memorandum, the company will invest 8 billion won to cover expenses for factory building and hiring about 10 people.
"In order for Gyeongnam to become the center of the aviation industry in Korea, KAI (Korea Aerospace Industries) must expand its operation from military supplies to civilian aircraft. And firms specializing in repair and maintenance of aircrafts must set up operations in the province," Gov. Park said, expressing his hope that the memorandum will trigger more firms investing in the province.
The South Gyeongsang Province delegation also signed investment deals with firms dealing with automobile parts on Aug. 30 in the Czech capital of Prague.
Wurth Group, a global company in development, production and sales of fastening assembly parts, agreed to cooperate with the provincial government in the energy and "future mobility," which here refers to combining new technologies for transportation means. The company has been seeking to expand its business in the field since launching its operation in Korea back in 2020.
Samsong Industries, whose primary business areas include car seat belts and child car seats, plans to invest 20 billion won and hire 10 more employees for its factory in Changwon Industrial Complex in Changwon, South Gyeongsang Province, near Busan. The new investment is due to expand its operation in light of the increase in exports of its products.
By Yoon Min-sik(minsikyoon@heraldcorp.com)
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