Samsung Chemical Co., Ltd. will establish a new base in the Tongjin (Pantech) Industrial Complex in Gimpo City, where it will produce household goods and bio-health related products.

The city announced on the 27th that, following Samsung Chemical’s successful bid for the Pantech site that went to auction last November, the company has now been approved to conduct business activities. This was made possible through consultations with Gyeonggi Province and the city’s approval on the 9th of changes to the industrial complex plan, including modifications to the name and permitted industries of the complex.

The Gimpo Tongjin General Industrial Complex had previously contributed to the local economy with the presence of Pantech Co., Ltd., a manufacturer of mobile handsets and telecommunications devices.

However, after Pantech withdrew from the mobile phone market, the site fell into economic stagnation and was put up for auction ten times between 2017 and 2020.

In response, the city developed a revitalization plan for the Tongjin Industrial Complex in 2020, discussing issues of repeated failed auctions with the bankruptcy trustee, and pursued amendments to the complex plan to allow different types of industries. The city also prepared customized plans to attract next-generation promising companies.

An official from Gimpo City’s Corporate Support Division stated, “The revival of the Tongjin General Industrial Complex, which has been idle for an extended period, will greatly contribute to revitalizing not only Tongjin-eup but also the local economy of Gimpo City as a whole.”

Source: Yongguk Kwon, Reporter – [email protected]

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