North Gyeongsang Province, Gumi secure W500b investment from Jahwa Electronics

North Gyeongsang Province and the city of Gumi signed a memorandum of understanding with Jahwa Electronics on Thursday at Gumi City Hall for a 500 billion won ($322 million) investment.

The agreement marks the first large-scale investment MOU signed by North Gyeongsang Province since the launch of the ninth elected provincial administration. About 30 officials attended the signing ceremony, including North Gyeongsang Province Vice Governor for Administrative Affairs Hwang Myeong-seok, Gumi Mayor Kim Jang-ho and Jahwa Electronics CEO Kim Chan-yong.

Under the agreement, Jahwa Electronics will invest 500 billion won over four years from 2026 to 2029 to build a new mobile camera actuator production facility using advanced technology at Gumi National Industrial Complex 1 in Nam-gu, Gumi.

Jahwa Electronics established its Gumi factory in 2022 and has since grown into a leading local company, with more than 800 employees currently working at its Gumi site alone.

"Through this investment, we will contribute to revitalizing the local economy and creating quality jobs, and develop Gumi into a world-class advanced manufacturing hub," CEO Kim said.

Vice Governor Hwang called the investment "a strategic move in response to the expansion of the global IT market and a meaningful step that will raise the competitiveness of North Gyeongsang Province's electronic components industry by a notch." He added that the province would work as one team with Gumi, taking responsibility for investing companies through to the end and providing active support so they can invest and grow with stability.