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Chinese camping caravan plant set to be built in Naepo, Chungnam.
2020.01.03(금) 14:31:53 | CNnews (
chungnamdo@korea.kr)
Compaks RV Co.
to invest USD23 million
Camping culture to thrive
in Chungnam
Chungnam has succeeded in attracting USD23 million in foreign direct investment from a Chinese camping caravan maker.
On September 2nd, the province signed an MOU with Wang WeiYuan, CEO of Compaks RV and Kim Seok-hwan, head of Hongseong County at the provincial office.
Founded in 2014 in Rongcheong City in Shandong Province, Compaks RV specializes in the manufacture of caravan trailers and semi-trailers, focusing on exports to overseas markets (95%) including North America, Europe, Australia and Korea. Through the MOU about the investment of USD23 million, Compaks RV plans to build a caravan plant that can produce 1000 units a year in the Urban High-tech Industrial Complex of Naepo New Town on a land of 31,394m². The investor intends to use the plant to produce new caravan models and test-market them in Korea.
Currently the interest in caravans and campers is hotter than ever in Korea. Camping populations continue to rise due to rising income levels and the 52-hour workweek. Still the Korean caravan vehicle industry focuses on import sales or small-scale production. There is plenty of room for growth in the market.
The province expects the investment to raise 200 billion won in sales, create 150 permanent jobs and a number of temporary jobs, earn 40 billion won in import substitution effect, and increase local tax revenues in the next five years.
to invest USD23 million
Camping culture to thrive
in Chungnam
Chungnam has succeeded in attracting USD23 million in foreign direct investment from a Chinese camping caravan maker.
On September 2nd, the province signed an MOU with Wang WeiYuan, CEO of Compaks RV and Kim Seok-hwan, head of Hongseong County at the provincial office.
Founded in 2014 in Rongcheong City in Shandong Province, Compaks RV specializes in the manufacture of caravan trailers and semi-trailers, focusing on exports to overseas markets (95%) including North America, Europe, Australia and Korea. Through the MOU about the investment of USD23 million, Compaks RV plans to build a caravan plant that can produce 1000 units a year in the Urban High-tech Industrial Complex of Naepo New Town on a land of 31,394m². The investor intends to use the plant to produce new caravan models and test-market them in Korea.
Currently the interest in caravans and campers is hotter than ever in Korea. Camping populations continue to rise due to rising income levels and the 52-hour workweek. Still the Korean caravan vehicle industry focuses on import sales or small-scale production. There is plenty of room for growth in the market.
The province expects the investment to raise 200 billion won in sales, create 150 permanent jobs and a number of temporary jobs, earn 40 billion won in import substitution effect, and increase local tax revenues in the next five years.
