ULSAN < invest Korea

According to Yonhap News,

(Ulsan=Yonhap News) Reporter Huh Kwang-moo = Ulsan Metropolitan City announced that executives from Japan-based Chugoku Marine Paints, a global leader in marine coatings, visited Ulsan on the 14th to inspect the progress of a major investment project and discuss collaborative measures.

Chugoku Marine Paints Representative Director Kenshi Date and his delegation visited Ulsan City Hall to meet with Ulsan Mayor Kim Sang-wook.

The visit was organized to share progress and solidify mutual cooperation following the investment agreement signed in March between Ulsan City and Chugoku Samhwa Paint for new plant construction and headquarters relocation.

Established in 1917, Chugoku Marine Paints is a global leader in marine coatings. In 1988, it established Chugoku Samhwa Paint through a joint venture with South Korea's Samhwa Paint Industrial.

Under the agreement with Ulsan City, Chugoku Samhwa Paint will invest KRW 120 billion (USD 90.23 million) through 2029 to construct eco-friendly marine paint production and research facilities in the Onsan National Industrial Complex. Following facility completion, the company plans to relocate its headquarters from Gimhae, Gyeongsangnam-do, to Ulsan in 2030.

Notably, KRW 80 billion (USD 60.15 million) of the total KRW 120 billion investment is structured as Foreign Direct Investment (FDI). This investment is expected to bolster the competitiveness of the eco-friendly marine coatings industry tied to Ulsan's shipbuilding and maritime clusters while significantly contributing to the regional economy.

Mayor Kim Sang-wook stated, "This visit holds great significance as it demonstrates the continuous, close collaborative relationship between the local government and the enterprise following the investment agreement," adding, "We will spare no support to ensure the planned investments are executed without disruption and that the investing firm grows alongside Ulsan."

hkm@yna.co.kr



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Source Text

Source: Yonhap News (September 14, 2026)

** This article was translated from Korean.