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Steadfast Commitment to Reinvestment in Busan! Busan Signs Investment MOU with Locally Grown Leading Companies Driving Regional Growth

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Busan Metropolitan City (Mayor Park Heong-joon) announced that today (October 15) at 2 p.m. in the City Hall Video Conference Room, the city will sign an investment memorandum of understanding totaling KRW 102.2 billion and 380 new jobs with Kangrim Insu Co., Ltd. and KCIS Co., Ltd.

The signing ceremony will be attended by Mayor Park Heong-joon, Kangrim Insu Chairman Si Myeong-seon, and KCIS CEO Cheon Byeong-min, who will sign the MOU in person.

Kangrim Insu Co., Ltd.

(Investment: KRW 80.3 billion, New Jobs: 350)
Although headquartered in Changwon, the company’s main production lines for its core products—cryogenic insulation materials for ships—are located in Busan (Jangan-eup in Gijang-gun and Sinpyeong-dong in Saha-gu). To meet rising demand and commercialize a new Korean-style cryogenic insulation material, the company plans to begin construction in November on a new plant equipped with advanced automated facilities in the Myeongnye Industrial Complex in Gijang-gun.

Currently, South Korea produces about 70 percent of the world’s liquefied natural gas (LNG) carriers. However, most LNG cargo holds use the technology of French company GTT, resulting in large royalty outflows overseas each year.

To reduce dependence on foreign technology and secure its own capabilities, Kangrim Insu began developing a Korean-style LNG cargo containment system in collaboration with shipyards in 2004 and succeeded in commercializing it in 2017 after continuous research and development.

Through this MOU with the city, Kangrim Insu plans to invest KRW 80.3 billion to build a new plant for manufacturing Korean-style cryogenic insulation panels in the Myeongnye Industrial Complex and establish an advanced production system incorporating intelligent, automation-based technology.

KCIS Co., Ltd.

(Investment: KRW 21.9 billion, New Jobs: 30)
KCIS, founded in Busan, is a specialized manufacturer of LED display boards. In response to the growing LED display market, the company plans to relocate and expand its operations to the Eco Delta City area in Gangseo-gu to improve logistics and supply chain efficiency by consolidating its dispersed business sites.

KCIS was the first in Korea to be designated by the Public Procurement Service as an excellent and innovative product and ranked first in the number of contracts, deliveries, and installations for three consecutive years (2022–2024), earning strong trust in both public and private sectors.

Recently, the company built a smart automated plant of approximately 3,300 square meters (about 1,000 pyeong), capable of producing more than 100,000 domestically made LED modules per year, leading the localization of LED displays.

Through this expansion and relocation investment, KCIS aims to establish a direct production system, secure core research personnel, and maximize production efficiency through the introduction of state-of-the-art facilities. The company plans to use this momentum to advance into the global market, including the United States, and to establish Busan as a hub of the “K-Display” industry.

Significance of the MOU

Both companies that signed this MOU started in Busan as startups or venture firms and have grown into leading enterprises driving the regional economy. Even at the early stage of business expansion and investment, they chose to reinvest in Busan instead of relocating to the capital region or other cities.

The concentration of businesses in the capital area—where marketing and fundraising are easier—has long been a challenge for all local cities. In this context, the reinvestment by these two locally grown companies demonstrates a virtuous cycle of regional business investment and symbolizes Busan’s transformation into a “business-friendly city” capable of countering the capital region’s dominance.

Mayor Park Heong-joon expressed his gratitude, saying, “I sincerely appreciate the investment decisions by Kangrim Insu and KCIS,” adding, “Building on these investments, Busan will actively support not only the attraction of companies from other regions but also the continued growth of local companies so they can fully realize their potential within the region.”