[Featured Stock] Hwacheon Machinery Rises on Related Business Spotlight Amid Moon's 1 Trillion KRW Investment in Green New Deal Wind Power
[Asia Economy Reporter Minwoo Lee] Hwacheon Machinery's stock price is on the rise. The news that the 'Green New Deal,' focused on eco-friendliness and job creation as directed by President Moon Jae-in, will include a plan to expand wind power generation facilities worth 1 trillion won appears to have acted as a positive factor.
As of 10:25 AM on the 21st, Hwacheon Machinery's stock price is showing 3,985 won, up 6.55% from the previous day. The positive news seems to stem from President Moon's directive on the 'Green New Deal' while Hwacheon Machinery, a specialized machine tool company, is pursuing business diversification with large wind processing machines and others.
Earlier, President Moon instructed that the 'Green New Deal,' focused on the environment and job creation, be included in the Korean New Deal project. On the 15th, President Moon received a joint written report on the Green New Deal project from related ministries including the Ministry of Environment, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, and Ministry of Land, Infrastructure and Transport, and reportedly gave this directive, stating, "The Green New Deal needs to be recognized considering the demands of the international community and civil society."
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The Democratic Party of Korea plans to include a project worth 3.64 trillion won in the third supplementary budget bill to be submitted to the National Assembly early next month, promoting a total 355 trillion won scale Green New Deal. The plan released by the Democratic Party's Korean New Deal Task Force (TF) is known to include budgets such as expanding solar power (150 billion won) and wind power (1 trillion won) facilities, constructing renewable energy power grid infrastructure (1 trillion won), energy diagnosis and financial support for workplaces (1.12 trillion won), the Green School project (500 billion won), housing efficiency improvements for low-income households (400 billion won), fostering the future car market (100 billion won), and electric two-wheeler conversion (100 billion won).
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