Gyeongnam Province: "Grateful for Major Corporate Investment Decisions... Will Execute Swiftly"

On July 3, Gyeongsangnam-do announced that it would actively support the government and corporate industrial development and large-scale investment plans unveiled at the "Yeongnam Region Advanced Industry Development Vision Public Report" held at the Chilam Campus of Gyeongsang National University in Jinju.

Governor Park Wansu stated, "I would like to express my gratitude to the companies that have made bold decisions to invest heavily in the advancement of high-tech industries in Gyeongnam," adding, "In order to ensure that these corporate investment plans lead to tangible outcomes, industry, academia, research institutes, and government agencies will collaborate to execute them swiftly."

He also said, "The government has announced its full support for the establishment of the Southern Coast Aerospace Industry Belt," and expressed his expectation that the creation of an aerospace industrial city and the establishment of the Aerospace Industry Promotion Institute will gain significant momentum.

At the "Yeongnam Region Advanced Industry Development Vision National Report Meeting" held at Chilam Campus, Gyeongsang National University in Jinju, Gyeongnam Province, Gyeongsangnam-do Governor Park Wan-su (from the far left), Gyeongbuk Governor Lee Cheol-woo, Ulsan Mayor Kim Sang-wook, Daegu Mayor Chu Kyung-ho, Busan Mayor Jeon Jae-su, Doosan Enerbility Vice Chairman Jung Yeon-in, Samsung Electronics CEO and President No Tae-moon, Hanwha Group Vice Chairman Kim Dong-kwan, President Lee Jae-myung, Hyundai Motor Group Vice Chairman Jang Jae-hoon, SK Telecom CEO and President Jung Jae-heon, LG Innotek President Moon Hyuk-soo, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, Deputy Prime Minister and Minister of Science and ICT Bae Kyung-hoon, Minister of Trade, Industry and Energy Kim Jung-gwan, Minister of Planning and Finance Park Hong-geun, and Policy Chief Kim Yong-beom are posing for a commemorative photo. [Photo by Joint Press Corps]

He continued, "In line with the government’s plan to focus on nurturing the robotics industry centered around the ultra-innovative advanced robotics belt connecting Gumi, Pohang, Daegu, and Changwon, Gyeongnam will further strengthen its status as the capital of physical artificial intelligence (AI)."

Approximately 200 people attended the report meeting, including officials from relevant ministries such as the Ministry of Economy and Finance and the Ministry of Trade, Industry and Energy, as well as governors and mayors from Gyeongnam, Busan, Ulsan, Daegu, and Gyeongbuk, and representatives from major corporations.

In addition, Hanwha Group and Hyundai Motor Group announced a combined investment plan totaling 312 trillion won in the Yeongnam region and signed investment memorandums of understanding (MOUs).

At the "Yeongnam Region Advanced Industry Development Vision National Report" held in Jinju, Gyeongnam, Gyeongnam Governor Park Wansu (left) and President Lee Jae-myung shake hands and greet each other.
[Photo by Joint Photo Reporters Group]

Among them, Hanwha Group plans to invest more than 10 trillion won in a national defense AI data center in Changwon and 55 trillion won in satellites and launch vehicles, while Hyundai Motor Group will invest 42 trillion won in automotive thermal management systems and future aerospace industries in Changwon.

Samsung Group announced a total investment plan of 60 trillion won, including 10 trillion won to establish a humanoid robot mass production line and to build a state-of-the-art high value-added vessel and marine infrastructure base at Samsung Heavy Industries in Geoje.

Doosan Group will invest 5.1 trillion won in small modular reactors (SMRs), building the world’s first dedicated SMR production plant, while LG Group will invest 9.4 trillion won in premium home appliance research and development.

Gyeongsangnam-do expects that if SMRs are designated as a national strategic technology and tax support is fully implemented, the province’s system for nurturing the entire SMR industry cycle will be further strengthened, and this will add momentum to the designation of a special SMR zone.

Furthermore, the province plans to operate a consultative body involving industry, academia, research, and government to ensure the prompt implementation of the corporate investment plans and the government’s aerospace industry development strategy announced on this day, and will also suggest substantial administrative and financial support from the government.

This content was produced with the assistance of AI translation services.