Daegu-Gyeongbuk Free Economic Zone Authority

Vol.23_ Newsletter - DGFEZ concluded an MOU with Hwashin, a company returning to

2022-12-22 16:02:21

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DGFEZ concluded an MOU with Hwashin, a company returning to Korea, for the investment of KRW 80 billion

Daegu Gyeongbuk Free Economic Zone (DGFEZ) concluded a memorandum of understanding (MOU) with Hwashin, the No. 1 company returning to Korea in the Free Economic Zones located in Gyeongsangbuk-do where Choi Samryong, the Commissioner of Daegu Gyeongbuk Free Economic Zone Authority, Lee Dalhee, the vice-governor for Economic Planning of Gyeongsangbuk-do, Choi Gimun, the mayor of Yeongcheon city and Jung Seojin, the CEO of Hwashin were attended in December 19 (Monday).

Hwashin is a global automobile part company that has been devoted to manufacture automobile chassis parts and bodies with its main office in Yeongcheon city, Gyeongbuk. The company plans to reduce production scale of Changzhou factory in China due to the dispute between the United States and China which led to the disruption of global supply chain build 3rd factory in the scale of 61,884㎡ (18,720 pyeong) investing KRW 80 billion in Yeongcheon High Tech Park District, one of the Daegu Gyeongbuk Free Economic Zones and create 123 new jobs by mass producing a batter pack case of the electric car by 2024 and light-weighted chassis parts by 2025.

Yeongcheon High Tech Park District where Hwashin will be settling is being built in a scale of 1.22 million ㎡ (370,000 pyeong) in Nokjeong-dong and Hwasan-myeon, Yeongcheon city, Gyeongsangbuk-do, aiming to be completed in April, 2024, and the first lotting-out land will be began in the first half of 2023.