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Gyeongsangbuk-do, Gyeongju-si, sign MOU to attract 60 billion won investment for the leading company of the 4th Industrial Revolution
Gyeongsangbuk-do and Gyeongju-si attracted investment of 60 billion won in the field of electric vehicles, which the company plans to preoccupy the global market by nurturing the region as a new growing industry.

On Wednesday 6th at 2pm at a conference room of Gyeongju City Hall, Gyeongsangbuk-do and Gyeongju-si signed a Memorandum of erstanding for the establishment of an electric vehicle manufacturing plant with more than 50 people attending the event, including Lee Chul-Woo, the Governor, Joo Nak-Young, the Mayor of Gyeongju-si, Chang Dao-Rin, the Chairman of China's Jangsu Zenkang Automobile Co., Ltd., Kang Young-Kwon, the C.E.O of Edison Motors Inc., members of the National Assembly and members of the Provincial Assembly.

The investment agreement is a joint venture between Jangsu Zenkang Automobile Co., Ltd., located in Jiangsu Province of China, and Edison Motors Inc., headquartered in Hamgyang, South Gyeongsang-do. By investing 60 billion won over 5 years from 2019 to 2023, they plan to build a 1-ton electric cargo factory in the general industrial complex of Gyeongju-si, and also plan to contribute to the creation of high quality jobs through the employment of 50 young people.

Jiangsu Zenkang Automobile Co., Ltd., a member of the Guoshian Group of China, is a specialized company in automobile manufacturing, processing and sales, headquartered in Jiangsu Province of China. It is a blue chip company with an annual production capacity of 5,000 electric buses and 30,000 electric trucks.

Starting with supplying 9 electric buses to Seoul in December 2010, Edison Motors Inc. achieved a remarkable achievement in the delivery of 150 electric buses to Jeju Island in 2015, including 23 battery-exchange electric buses. Currently, they are negotiating export agreements with India's public corporations for 45 million in technology royalties, and is a ‘Global Small Giants’ enterprise with an annual production capacity of 1,300 electric vehicles.

er the joint venture agreement, the 2 companies will produce 2,000 electric cargo vehicles of 1-ton within the year and deliver them to domestic delivery companies.

The electric vehicles, along with autonomous vehicles, are emerging as the core of the 4th Industrial Revolution and future automobile and has a spillover effect for the related industries.

On the other hand, in order for Gyeongsangbuk-do to try to increase the private sector jobs, they decided to concentrate all their competencies in attracting future new industries with high growth potential and highly added value. They have preemptively responded to the reorganization of the new industry in preparation for the 4th Industrial Revolution, including carbon fiber, titanium, vaccine, accelerator-d new medicine, secondary battery and more.

Lee Chul-Woo, the Governor of Gyeongsangbuk-do said, “We will concentrate all our efforts to create jobs so that there are no young people leaving the area without jobs,” and added, “through this agreement, we will make Gyeongju and the southern region the center of parts belt of the future automobile.
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