Ministry of Trade, Industry and Energy

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the 50^th anniversary ceremony of the designation of Changwon National Industrial Complex on April 24 at the Changwon Convention Center, held by the Ministry of Trade, Industry and Energy (MOTIE) and the South Gyeongsang Province in the attendance of Prime Minister Han Duck-soo, South Gyeongsang Province Governor Park Wan-su, and approximately 400 representatives of the Complex’s tenant businesses.

 

Launched in April 1974, the Changwon National Industrial Complex has served as the driving force and engine behind Korea’s manufacturing and machinery industry, leading the growth across nuclear power, defense, automobiles, and shipbuilding. The KRW 1.5 billion production value generated by tenant companies in 1975 has increased 40,000-fold to an all-time high of 60 trillion won in 2023. Exports likewise advanced 30,000-fold from USD 0.6 million to $18.3 billion.

 

The ceremony looked back on the past five decades of the Complex’s history and achievements and shared the vision for the next 50 years. CEOs of tenant companies were awarded government commendations and medals of honor for their contribution to economic development. The Bronze Tower Order of Industrial Service Merit was awarded to Jeon Seo-hoon, the CEO of Samkwang Machinery Co., for the company’s successful development and localization of armored combat vehicle transmission, contribution to Korea’s defense exports, and job creation.