LS Electric Signs MOU for Expansion of Busan Facility, Investing 1.8 Billion KRW in Gangseo-gu Hwajeon Industrial Complex!
LS Electric has signed a Memorandum of Understanding (MOU) with Busan City for an investment of 1.8 billion KRW to expand its Busan facility. This investment is a large-scale project that will utilize idle land in the Hwajeon Industrial Complex in Gangseo-gu, Busan to establish advanced automated production facilities, which is expected to inject significant vitality into the local economy. This investment is also projected to have a positive impact on job creation in the region.
LS Electric, Leading Power and Automation Company in Korea
LS Electric is a company that ranks first in the domestic power and automation industry. The company operates 13 subsidiaries and 14 branches worldwide, showcasing high competitiveness in the global market as a smart energy enterprise.
In the power sector, various solutions are provided, including transmission, distribution, and renewable energy, while in the automation sector, solutions related to smart factories aimed at improving power consumption efficiency are supported. The expansion of the Busan facility is expected to be an important opportunity to further strengthen corporate competitiveness in line with LS Electric's growth strategy.
Expansion of Busan Facility, Expectations for Local Economic and Job Creation Effects
LS Electric plans to invest 1.8 billion KRW to expand production facilities on an area of about 4,000 pyeong near the existing ultra-high voltage production building in Hwajeon Industrial Complex in Gangseo-gu by the end of this year. The expansion will introduce two additional vacuum drying facilities (VPD) and establish advanced production processes including assembly areas, testing rooms, and welding spaces.
With these efforts, LS Electric is expected to increase its existing annual production capacity from 200 billion KRW to 700 billion KRW and create approximately 330 new jobs. Furthermore, the Busan facility is expected to reinforce its role as a key production base for power infrastructure, including ultra-high voltage transformers.
Proactive Investment Support from Busan City
Busan City has quickly resolved issues that hindered corporate investment, and this agreement is a case of success through tailored support.
LS Electric faced difficulties with permit issues for the expansion of the Busan facility since December last year, and Busan City cooperated with the Busan Chamber of Commerce to provide rapid administrative support. Proactive measures were taken by Busan City to ensure that the investment schedule was not disrupted. In particular, Busan Mayor Park Hyung-joon visited the construction site in Gangseo-gu on January 23 and listened to the company's difficulties, which was a great help in seeking solutions.
Going forward, Busan City plans to further strengthen its business-friendly administrative support and work with relevant organizations such as the Busan Chamber of Commerce to streamline administrative procedures and relax regulations.
LS Electric, a Global Company Growing with the Region
Since establishing the first high voltage direct current (HVDC) production base in Korea in 2011, the LS Electric Busan facility has shown continuous growth and has made significant contributions to the local economy. Notably, most of the production volume from this facility is exported overseas, demonstrating a strong presence in the global market.
Through this investment expansion, LS Electric's production capacity is expected to be further strengthened. This will serve as an important opportunity for Busan to establish itself as a hub of advanced power and automation industries. Busan Mayor Park Hyung-joon stated, "The investment expansion by LS Electric is expected to not only revitalize the local economy but also serve as a strong pillar for the national economy," adding, "We will continue our best efforts to attract businesses and create jobs."
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