Dangjin City in Chungcheongnam-do has signed investment agreements worth a combined KRW 105.9 billion with four companies.
On September 11, the city announced that it signed agreements with Vitzrocell, Inno Green Metal, Shinpo Metal, and Terracle for new and expanded production facilities in local industrial complexes. The signing ceremony was attended by Chungcheongnam-do Governor Kim Tae-heum, Dangjin Mayor Oh Seong-hwan, company CEOs, and other officials at the provincial government conference hall.
Vitzrocell, a lithium-battery manufacturer located in the Hapdeok InnoSpark Industrial Complex, will expand its lithium secondary-battery production facility on a 17,334-square-meter site within the complex.
Inno Green Metal, a leading company in the recovery and recycling of strategic metals such as vanadium and molybdenum, will build a new production facility on a 15,687-square-meter site in the Seokmun National Industrial Complex.
Shinpo Metal will also construct an aluminum-billet production facility on an 8,422-square-meter site in the Seokmun National Industrial Complex. The billets will be used as raw material for rolled aluminum products.
Terracle, a promising company that produces the PET feedstocks terephthalic acid and ethylene glycol through eco-friendly depolymerization technology, will establish a production facility on a 7,000-square-meter site in the Hapdeok General Industrial Complex.
According to the city, construction could begin as early as the second half of this year, with the combined investment totaling KRW 105.9 billion.
The Chungnam Institute estimates that the investment will generate KRW 150.7 billion in short-term production-inducement effects, KRW 53.5 billion in short-term value-added effects, and approximately 533 short-term jobs.
Once the facilities are completed, they are also expected to create approximately 130 permanent jobs and generate annual production-inducement effects of about KRW 208.3 billion and value-added effects of roughly KRW 34.3 billion.
The agreements also include commitments to actively use locally sourced goods and prioritize the hiring of regional talent, which is expected to provide additional momentum to the provincial economy.
Mayor Oh said, "The collective effort to make Dangjin a business-friendly city is now bearing fruit. We will continue proactive investment-attraction activities and work harder to bring strong companies to the region so that corporate investment leads to local economic growth."
