DAEJEON < invest Korea

According to Yonhap News,

(DAEJEON=Yonhap News) Defense companies in the capital area and Yeongnam area will invest KRW 40 billion in Daejeon to build manufacturing and research facilities.

Heo Tae-jeong, Mayor of Daejeon signed an investment agreement with five munitions manufacturers to establish an export promotion cluster for defense businesses in Ansan Advanced Defense Industrial Complex on October 24 at the City Hall.

The companies will spend KRW 40 billion for three years after the construction of the Industrial Complex is completed in 2022 to build facilities that produce and conduct research on munitions including air conditioning and cooling system, auxiliary power device, observatory system, panoramic sight, and night vision goggles.

The city expects that the investment will create 350 new jobs.

"We will provide administrative and financial supports and supply industrial site to successfully establish the export promotion cluster," said the Mayor. "I would like to ask those companies to make efforts to promote export of regional defense industry and create new jobs for Daejeon citizens."

The city plans to promote export of the defense industry by creating an export promotion cluster in Ansan Advanced Defense Industrial Complex and attract 10 defense companies.

jkhan@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (October 24, 2018)