North Chungcheong Province has attracted 64 trillion won in investment three and a half years after the launch of the eighth popularly elected administration (2022–2026). Considering that the investment attraction totaled 100 trillion won over about 10 years from the fifth to the seventh administrations, this marks the shortest period on record to achieve such results. Large-scale investment is said to be invigorating the regional economy across the board by creating jobs and increasing tourists.
◇ Eight out of 10 investing corporations are semiconductors, secondary batteries, and bio
According to North Chungcheong Province on the 22nd, a total of 1,365 corporations have invested 64 trillion 381 billion won in the province under the eighth administration. Of these, corporations in advanced industries such as semiconductors, secondary batteries, and bio accounted for 78.2%. By industry, semiconductors were the largest at 55.5%, followed by secondary batteries (18.3%) and bio (4.4%).
The largest investment is led by SK hynix. SK hynix plans to invest 20 trillion won to build DRAM production facilities at Cheongju M15X. LG Energy Solution will invest 4 trillion won to expand its electric-vehicle battery plant at the Ochang factory in Cheongju, and Hyundai Mobis will inject 500 billion won to build a new battery pack plant in the Dong Chungju Industrial Complex.
In addition, Orion (460 billion won), INNOX Advanced Materials (690 billion won), IL-YANG PHARM (154.5 billion won), HD Hyundai Electric (117.3 billion won), WONIK Materials (110 billion won), and Binex (200 billion won) have finalized investments in North Chungcheong.
Beyond its geographic advantage linking the Seoul metropolitan area with Yeongnam and Honam, North Chungcheong moved quickly to resolve various difficulties arising during the investment process to attract corporations. Representative cases include moving up the completion timeline for the LG Energy Solution plant expansion and securing an earlier power supply schedule for the new plant of INNOX Advanced Materials.
To that end, North Chungcheong Province created an Investment Promotion Bureau in 2023. The organization is dedicated to creating and managing national and local industrial complexes, supporting industrial infrastructure, facilitating the transfer of public institutions, and handling investment attraction. A North Chungcheong official said it is "the only bureau-level dedicated organization in the country that handles everything from corporate consultations to moving into industrial complexes in one stop."
◇ Jobless rate lowest nationwide… export and tourism indicators also improve
The attraction of large-scale investment led to improvements in various economic indicators. As of September this year, North Chungcheong's jobless rate was 1%, the lowest in the nation. Compared with last year's 1.7%, when it ranked fifth nationwide, it climbed four notches. The labor force participation rate and employment rate also exceeded the national average and ranked near the top. Recognizing these results, it won the presidential award at this year's "National Local Governments' Job Awards."
Exports also stand out. In the first half of this year, North Chungcheong's exports reached $16.026 billion (about 24.6 trillion won), up 22% from a year earlier. The export growth rate was the second highest in the nation. Advanced industries such as semiconductors and secondary batteries accounted for more than 60% of total exports, driving growth.
Results are also emerging in education and culture. This year, the number of foreign students in North Chungcheong surpassed 10,000, up 92% from the previous year. It is the highest growth rate among all metropolitan and provincial governments.
Tourists visiting major attractions in North Chungcheong reached 40 million annually. Dodamsambong Peaks in Danyang, Nongdari Bridge in Jincheon, and Cheongnamdae in Cheongju are cited as representative attractions.
A North Chungcheong official said, "North Chungcheong is establishing itself as a hub of growth where corporations and people gather," adding, "We will open the future of Korea through continuous innovation as a base for advanced industries and culture."