Chungcheongnam-do

▲ Investment agreement with German & Israeli companies

Chungcheongnam-do succeeded in attracting foreign capital of 16 million dollars from 2 German & Israeli companies.

Governor Ahn Hee-jung visited Japan and the US to attract global investment and, after finishing his schedule on the 25th to move to the US, signed an investment agreement with German & Israeli companies at the VIP room of Incheon International Airport.

AJA CEO Stephen Kang, Armacell CEO Liam Douglas, Ondolia CEO Vadim Gekhtman, Cheonan Mayor Koo Bon-young, and Hongseong Governor Kim Seok-hwan participated in the agreement signing ceremony.

According to the agreement, AJA will be investing 11 million dollars until 2022 to establish a new aerogel (new multi-functional material for insulation, soundproofing, buffering, etc.) production factory in the 6186.6㎡land within Cheonan No. 5 Industrial Complex, Foreign Investment Zone.

In addition, Ondolia will be investing 5 million dollars until 2022 to extend the heating film (home appliances, construction, agriculture) production factory in the land (3305.8㎡) near the factory located in the Hongseong Gyeolseong Agricultural-Industrial Complex.

Through this investment, the province is expecting 520 billion Won in sales, 205 new jobs, and 419 billion Won in export for the next 5 years.
 
"Germany and Israel have invested in Chungnam since last year. I hope that the development of the two companies will realize not only a win-win situation between the companies and Chungcheongnam-do but also a good relationship between the two countries", said Governor Ahn. 

Cheonan Mayor Koo Bon-young believes it is an outstanding choice to invest in Cheonan, where many multinational companies including German companies and automobile & electronics companies are located. The city will actively support the development of AJA as well as the city of Cheonan, he added.
 
"We welcome the investment of Israel in Hongseong-gun, and we will show utmost support for the successful investment of Ondolia", said Kim Seok-hwan, governor of Hongseong.

AJA CEO Stephen Kang and Ondolia CEO Vadim Gekhtman showed gratitude for the interest and support shown by the province, city, and Gun and vowed to make their best efforts to realize a win-win situation between the companies and the residents.

Meanwhile, the province attracted 7 foreign investment companies in this year, so the 2017 goal of attracting 8 companies is expected to be accomplished earlier than planned.