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Business Rush to Gumi from the Capital Region
LS Electronic Wire, LG INNO Tech,
LG Display Gumi P6E Factory, STX Solar Inc., Others

As regulations in the national capital region have been relaxed, some experts feared local industrial complexes would get in trouble. In contrast, many companies are heading for the Gumi National Industrial Complex and leaving the capital region behind, which has made Gumi City the envy of other regions along with the words ’Gumi is a business-friendly city for sure.’

On July 28th, the auto parts team of LG INNO Tech moved into the Gumi 3 factory section from Pyeongtaek, Gyeonggi Province, and had a ceremony for plate hanging. With move, came groups in charge of production lines and R&D working on hybrid and electric vehicles and other value-added businesses with infinitive potential for future growth in the age of environment-friendly green cars.

Since 2006, the company has been focusing on development of core parts to produce electronic parts for automobiles including motors, sensors, and ECU-centered projects. Particularly, ABS motors with over 1.5-million units of cumulative production and torque sensors are expected to grow to a great extent in the near future through diverse moves with automobile system companies at home and abroad.

Since merged with LG Micron, which has been an important company for 30 years in Gumi, LG INNO Tech has recorded 1.2 billion won in annual sales as an instrumental global player in the field of auto parts, and it is undoubtedly expected to upgrade the competitive edge of the Gumi National Industrial Complex, especially when the Special Complex for Parts Materials is completed.

On April 15th, LG Display completed its 6th Generation LCD Production line of the Gumi P6E factory with a 1.36 trillion won investment and produced 260,000 LCD units per month.

On April 22nd, LS Electronic Wire and Gumi city signed an MOU to move Anyang factory to Gumi with expected 120 billion won in investment, the factory where it has been located since 1966 in Anyang.

The company presently has two business sites in Gumi and leads the electronic wire field with up to 40% of domestic market share. As a part of a strategic preparation to become world’s best wire company based in Gumi, LS Electronic Wire acquired an American electronic wire company in 2008. The MOU with LS Electronic Wire has attracted an attention in that it is the first case of a company to move to a local region from the capital area after regulations on the capital region were relaxed.

STX Solar Inc., with 200 billion won in investments, is to employ more than 300 workers by year 2012 to produce solar cell modules upon the factory being completed in coming September.

Kolon Inc. has been situated in the Gumi National Industrial Complex for a long time. The company is in a process to invest 150 billion won to expand the factory that producing high-functionality materials. Meanwhile, AVACO, specializing in semiconductors and solar cell modules, is building a factory with a 20 billion won investment to hire over 500 workers.

In addition, TSSK Inc., specializing in secondary battery separators, is to invest 3.25 billion to complete a factory in the first quarter of year 2010, hiring approximately 250 workers.

Power Carbon Technology, a producer of high-capacity carbon materials, is to invest 100 million in a facility to be completed in coming December.

The business rush to Gumi is attributable to the unparalleled support of Gumi City for businesses compared to other local autonomous body in Korea. Since year 2006, the new popularly elected municipal government has launched the “Business Care Center”, which has been fulfilling a role as the one-stop system for business affairs and provided life-blood capital for small- and medium-sized businesses.

Further, ’business care assistants’ appointed by the municipal government visit companies at least once a month and find out any troubles they are having. Also, a ’Company of the Month’ program has been instituted to promote business morale by hoisting the winning company’s flag in City Hall. The city government has been waging a wide range of “Business Care Campaigns with Citizens” while improving its business-friendly environment and culture, as well as the overall infrastructure.

Mayor Nam Yoo Chin said, "Gumi has established a business-oriented municipal system based on the motto ’Business is Gumi, and Gumi is Business’ to respond positively to any companies coming to Gumi and to solve problems fast." He added that he will do his utmost to make Gumi as a ’business-friendly city’ renowned as the ’land of fortune.’
AUGUST 24, 2009 weekly news
Saemaeul, a hope that makes better tomorrow
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