With development of the Yeongcheon Industry District and the Yeongcheon High-tech Park picking up speed, the areas are drawing corporate investments.
North Gyeongsang Province, Yeongcheon City and the Daegu-Gyeongbuk Free Economic Zone (DGFEZ) Authority signed an agreement with insulation manufacturer Moreens Corporation and Taiwanese auto parts manufacturer Lih Feng Jing Enterprise last month. The two companies will establish investment company LFJ Korea and invest USD 6 million to build an auto parts manufacturing plant.
Japanese auto parts maker Daicel Corporation has invested KRW 41 billion in a 42,000 m2 area in the Yeongcheon Industry District to construct an airbag component manufacturing plant and is currently testing facilities. Another auto parts manufacturer, Pyung Hwa Holdings, signed an agreement with Japan’s NOK Corporation for a joint investment of USD 61 million to construct a plant on a 48,219 m2 site.
In the Yeongcheon Industry District (950,000 m2), 93 percent of the total site area has been sold and more than 40 domestic and foreign auto parts makers and manufacturers of metal processing machine parts and other machinery components will move in. The district has also attracted USD 120 million from Japan, Taiwan and France.
Yeongcheon High-tech Park is being developed as an industrial complex specializing in avionics parts. The Korea Institute of Industrial Technology opened an avionics system technology center in June and will invest KRW 33 billion to establish an aviation product function and quality evaluation facility by 2016. Boeing will also start building a maintenance, repair and operations center to supply electronic parts for the F-15K fighter jet in October.
