South Chungcheong Province Signs Investment Agreement With New Cold and SHS, Netherlands

오재경 Oh Jae-Gyung
19 Jun 2024

South Chungcheong Province, which has been strong in the 8th popular election, is about to hit 20 trillion won in corporate investment attraction at home and abroad.

According to the province on the 17th, Governor Kim Tae-heum, who is on a business trip to Europe, signed a series of investment agreements worth $225 million (304.2 billion won) with New Cold and SHS in the Netherlands on the 13th and 14th (Korea time).

As a result, since the launch of the 8th popular election, the number of domestic and foreign investment attraction companies and amount of money in the province has increased to 19.3688 trillion won from 163 companies.

This is more than 1.3 times the 14.5385 trillion won it attracted during the fourth year of the 7th popular election.

By year, 49 companies recorded 3.1459 trillion won in the first six months of 2022, the first year of the 8th popular election.

Last year, it set a milestone with 14.92 trillion won from 80 companies, and this year, it has been cruising by attracting 1.2959 trillion won from 34 companies, including the Netherlands.

The number of new jobs created due to investment attraction is expected to be 42,700.

Looking at the main attractions, the province opened the door to attracting investment by signing a large-scale agreement with Korea's leading food comprehensive company Daesang in July 2022, shortly after the launch of the 8th popular election.

The following month, in August 2022, it started attracting foreign capital by attracting $47 million from three companies, China's Namil Heavy Industries and Japan's Dongshin Forma.

In addition, in October and November of the same year, it attracted investments from three large companies, Hanwha Solution, Hyundai Engineering, and LG Chem.

The three companies decided to invest 911.7 billion won in Asan and Dangjin to build core materials for OLED panel manufacturing, hydrogen production using recycled plastic, and next-generation insulation plants.

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