The provincial government forged a 21.5-billion-won investment agreement with four companies, including Sunhae Marine.



South Jeolla Province has attracted companies that are engaging in core strategic industries such as electronics, electricity, processing of eco-friendly agricultural products, and agricultural equipment. This has given the province a chance to sophisticate its industrial structure and accelerate production of high-value-added agricultural and fishery products.



South Jeolla Province signed a 21.5-billion-won investment agreement with four companies such as Sunhae Marine in Seo Jae-phil Room in the provincial government on May 4th in the presence of Lee Sang-myeon, lieutenant governor of political affairs; Hong Gyeong-seob, deputy mayor of Naju; Choi Jong-seon, lieutenant governor of Muan; and heads of the companies.



Under the agreement, Sunhae Marine will invest 5 billion won in the 5,000-square-meter land in Hwayang-myeon, Yeosu, to establish a processing plant of fishery products such as laver, anchovy, seaweed and dried yellow corvina.



As the company has its own brand names such as Badasori and Puccapucca and is planning to buy fishery products caught only in South Jeolla, produce high-quality products and step up its efforts to polish its pro-environmental image, it is expected to secure suppliers to buy fishery products and enhance added value.



Hugreen will invest 4 billion own into the 6,535-square-meter land in Samhyang Agro-industrial Complex in Muan to produce environmentally-friendly organic fertilizers utilizing vegetable oil residues, improving the bottom line of farming households.



Korea Engineer Manufacturing will make a 7-billion-won investment to buy 16,500-square-meter land in Naju General Industrial Complex for production of compressors.



The company has been relocated from the metropolitan areas to the region and is recognized for its advanced technologies and R&D capabilities outstanding enough to apply for seven patents (three registered) with much potential to grow further.



Hongik AD Net will embark on a new project to produce LED street lights by investing 5.5 billion won to purchase 16,500-square-meter land in Naju General Industrial Complex. The firm is a producer of outdoor signs and banners and a provider of maintenance services. Its primary clientele includes SK Group, LG Electronics, Hyundai-Kia Motors, KB Bank and Nonghyup.



The four companies will invest 21.5 billion won in total, creating 170 jobs. The fact that three companies currently located in the metropolitan areas are to be relocated to South Jeolla indicates that South Jeolla is emerging as a promising investment destination.



“Our success in attracting processor of agricultural and fishery products and maker of agricultural equipment can be attributed to the province’s constant efforts to foster pro-environmental agricultural and fishery industries,” said Lee Sang-myeon, lieutenant governor of political affairs, in the signing ceremony. “We will continue to support companies in the industries by enhancing distribution system and help them expand overseas exports.”



He added that “as the two producers of electronic components such as compressors and LED street lights have outstanding technologies and R&D capabilities, we will help them become a flagship company in South Jeolla.”



Source : South Jeolla Provincial Government (May 4, 2010)



**This is an English translation of a Korean article.