First foreign investment of 9th elected term — $13.5M MOU signed for Dangjin
South Chungcheong Province has secured its first foreign investment of the ninth elected term, with a German automotive giant committing to expand its operations in the province.
The province and Dangjin city signed a memorandum of understanding Tuesday with Webasto Group, a global automotive supplier, at the Steigenberger Hotel in Frankfurt, Germany.
South Chungcheong Province Gov. Park Soo-hyun, who departed for Europe on Saturday, attended the signing ceremony alongside Webasto Group Vice Chairman Marcel Bartling and Dangjin Mayor Kim Gi-jae. Kim Wan-il, president of Webasto Korea, was also present.
Provincial Assembly Speaker Jo Cheol-gi and Education Committee Chair Kim Eun-na also attended, signaling the Assembly's commitment to supporting the investment.
Under the MOU, Webasto will expand its factory in the Songsan 2-2 Foreign Investment Zone in Dangjin, investing $13.5 million within five years.
The expanded facility will house a new automotive battery pack production line. Webasto also pledged to create more employment opportunities for Dangjin residents through the expansion.
The province and Dangjin city will provide administrative and fiscal support — including permits and approvals — to ensure the factory expansion proceeds smoothly.
At the signing ceremony, Gov. Park said Webasto has been "a steadfast partner that has grown alongside South Chungcheong Province since 2020," adding that the investment "will not only drive Webasto's growth but also strengthen the competitiveness of South Chungcheong and South Korea's future mobility industry."
Park also expressed hope that "on Korean roads, you will increasingly encounter not just Webasto roof systems but also vehicles equipped with Webasto batteries," and pledged that "South Chungcheong Province will be the best investment partner, ensuring Webasto can invest with stability and grow continuously."
Founded in 1901, Webasto ranks among the world's top 100 automotive parts suppliers. The company produces retractable and fixed roof systems, auxiliary water and air heaters, integrated heat exchangers, auxiliary air conditioning systems and battery systems.
The group operates more than 50 facilities across North America, Europe and Asia, employing 13,100 people as of last year and posting annual sales of 4 billion euros ($4.67 billion).
kwonhl@heraldcorp.com
