JEOLLABUK-DO < invest Korea

According to Yonhap News,

(JEONJU=Yonhap News) Leading domestic electric vehicle companies and parts suppliers decided to make large-scale investment in Saemangeum. It is likely to propel a project to create a cluster of electric vehicles in Saemangeum and Gunsan, Jeonbuk-do.

Jeonbuk-do signed an investment agreement of "Cluster of Electric Vehicles in Saemangeum Industrial Complex" with Edison Motors, Daechang Motors, COSTECH, and MPS Korea.

They are planned to invest KRW 97 billion on the area of 378,000 square meters in Saemangeum Industrial Complex, producing 330 new jobs, which is expected to reinvigorate Gunsan's economy.

The MOU signing ceremony was attended by Jeonbuk's governor, president of Saemangeum Development Authority, Gunsan mayor, chairman of the Korea SMEs and Startup Agency (KOSME) and CEOs of four companies.

According to the agreement, electric vehicle companies pledged to strive to implement investment and job creation.

Jeonbuk-do government, the Saemangeum Development Authority, Gunsan city promised active support in terms of financing and administration.

KOSME is planned to provide review on investing companies, support of policy funds, and export consultation, while Korea Rural Community Corporation is to support infrastructure and supply of sites.

Edison Motors is planned to invest KRW 60 billion in 280,000 square meter-site to produce electric vehicles. This company is a strong but competitive in the electric vehicle and bus, providing electric buses to local governments nationwide.

In addition, MS Consortium which bought Korea GM's Gunsan factory, Nanos, and SNK Motors also committed to investment in electric vehicle production in Saemanguem and Gunsan.

Jeonbuk-do expects that Jeonbuk is going to advance into a center of electric vehicle industry if their investment is realized .


kan@yna.co.kr

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source Text

** This article was translated from Korean.

Source: Yonhap News (May 30, 2019)