Gumi City Secures 200 Billion Won Ottogi Investment... "Ramen City" Becomes a Reality

From Festival to Investment
A New Hub for K-Food Export Expansion

Ottogi Ramen Co., Ltd., a leading Korean ramen company, will establish a production base worth 200 billion won in Gumi City.

As the city's brand, built through the 'Gumi Ramen Festival,' leads to a large-scale corporate investment, Gumi has now laid the foundation to become the undisputed 'Ramen City of Korea.'

On July 13, Gumi City signed a Memorandum of Understanding (MOU) on investment with Gyeongsangbuk-do Province and Ottogi Ramen Co., Ltd. at the main auditorium of Gumi City Hall.

The signing ceremony was attended by Geumhee Yang, Vice Governor for Economic Affairs of Gyeongsangbuk-do, Joungho Kim, Mayor of Gumi, Shin Hyuk Lee, CEO of Ottogi Ramen Co., Ltd., and other business leaders.

(Left) CEO Shin Hyuk Lee of Ottogi Ramen (Right) Mayor Jangho Kim of Gumi City
Commemorative photo after signing a Memorandum of Understanding (MOU) with Ottogi Ramen Co., Ltd.
Photo by Gumi City

The core of this agreement is the scale of the investment.

Ottogi Ramen Co., Ltd. will invest approximately 200 billion won to build a new ramen production plant for overseas export on the former Hyosung TNS site within the Gumi National Industrial Complex No. 2.

The company plans to create 120 new jobs by 2029.

Gumi City will provide full administrative support to ensure that the plant construction and investment proceed smoothly.

This investment is significant beyond the simple establishment of a factory.

With the global K-food boom spreading, ramen has become a flagship export item. Last year, ramen exports reached a record high of 1.52 billion dollars, up 21.9% from the previous year.

Ottogi Ramen chose Gumi, with its outstanding industrial infrastructure and logistics competitiveness, as a manufacturing hub to respond to this growing global demand.

In particular, Gumi City has established its image as a ramen city by growing the 'Gumi Ramen Festival' into a nationwide brand over the past several years.

This successful investment attraction is regarded as a prime example of a festival creating a city brand, and that city brand in turn attracting corporate investment.

This virtuous cycle, where industry creates festivals and festivals further drive industrial growth, has now become a reality.

The agreement also includes cooperation for the development of the food tech industry.

Gyeongsangbuk-do Province, Gumi City, and Ottogi Ramen Co., Ltd. will establish a joint cooperation system to secure future competitiveness in the food industry, including the spread of smart manufacturing, standardization of manufacturing data, innovations in export manufacturing, and improvements to relevant regulations.

Joungho Kim, Mayor of Gumi, stated, "The attraction of this investment means that Gumi has proven itself competitive not only in semiconductors, defense, and secondary batteries, but also in the food industry. This will be the starting point for Gumi to grow beyond a festival city into Korea's food industry cluster."

If the ramen festival has promoted the city, this investment from Ottogi is expected to be a decisive move that will transform Gumi from a 'city of festivals' into a 'city of industry.'

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