Despite the global economic crisis caused by the COVID-19 pandemic, corporate investment in the region continues steadily.
Gyeongsangbuk-do and Pohang-si signed memorandums of erstanding (MOUs) with seven investing companies at Pohang City Hall on the 8th on the construction of new factories inside a lease-only complex of the Blue Valley National Industrial Complex.
About 50 people attended the event, including Cheol-Woo Lee, the governor of Gyeongsangbuk-do, Gang-deok Lee, the mayor of Pohang City, Gyeong-Sik Jang, the chairman of the Gyeongbuk Provincial Council, heads of local organizations, and businesspeople.
er the MOUs, seven firms invest KRW 16.4 billion and create 133 jobs.
The investors are Shinhwa-Tech (represented by Jeong-Soo Kim), Hae Dong Engineering (represented by Wan-Hyung Lee), FM (represented by Gyu-Man Jeong), IMT (represented by Gun-Sik Park and Eun-Soo Park), Iron Tech (represented by Je-Hyun Han), Space Mobil (represented by Eun-Gyung Choi), and Jeong Su Filtration (represented by Yoon-Hee Sohn).
Shinhwa-Tech will invest in the battery recycling, Hae Dong in the ESS development using recycled vehicle batteries, FM in the manufacturing of industrial valves, IMT in the manufacturing of special steel, Iron Tech in the manufacturing of screen air filters, Space Mobil in the fabrication of camping cars, and Jeong Su in the manufacturing of gas filters.
The Pohang Blue Valley National Industrial Complex, along with the Yeongilman General Industrial Complex, has been designated as a regulation-free special zone for secondary batteries, drawing keen attention from secondary battery-related companies. Last year, POSCO Chemical ed its investment in artificial graphite negative materials for secondary batteries in the Pohang Blue Valley National Industrial Complex. With the investment this time, many secondary battery recycling companies are moving into the Complex.
Pohang Blue Valley’s lease-only industrial complex was designated as a special zone for secondary batteries after securing KRW 37.8 billion of state fs through the efforts of all levels of society and by persuading the central government at a time when the local economic recession continued and the damage caused by the earthquake was severe.
The lease-only industrial complex covers an area of 500,000 m2. After five years of the mandatory lease period, plots of land will available for sale or lease for an extended period of up to 50 years. The annual rent is one percent of the site renovation cost.
The lease-only industrial complex will be available to SMEs, foreign-invested enterprises, U-turn enterprises from overseas, and win-win local job creation enterprises. It is expected to help boost the land sale of the Pohang Blue Valley National Industrial Complex and the local economy by reducing the burden of initial investment costs for companies that lack fs.
Governor Lee said, “Thank you for investing in our region. I expect this kind of investment will boost the land sale of the Pohang Blue Valley National Industrial Complex and the local economy. I shall provide all the support necessary for business activities so that Gyeongsangbuk-do can be perceived as the place for enterprises.”