Shinheung MST, the implant manufacturing subsidiary of Shinheung — South Korea's first dental medical device company — will build a new advanced implant production factory at the Munmak General Industrial Complex for Auto Parts to meet growing global demand.
The total investment of 102.3 billion won ($68 million) is the largest single corporate investment Wonju has ever attracted.
Wonju city and Shinheung MST signed an investment memorandum of understanding Monday at the Gangwon Special Self-Governing Province office. Wonju city described the investment as a major boon for its ninth elected administration, which is pursuing a vision of building an economy centered on future industries.
The deal also marks a milestone for the Munmak complex itself: with Shinheung MST's move-in, the industrial complex will reach 100 percent occupancy for the first time since its completion 11 years ago, opening a new chapter in its revitalization.
Shinheung plans to invest a total of 102.3 billion won by 2030 and create 80 new jobs.
Once the new factory is operational, production capacity is expected to expand from the current 50,000 sets per month to 1 million sets per month.
The company is also accelerating its push into overseas markets. It recently signed a joint business agreement with Yuhan and launched the Yuhan Evertis Implant, a move expected to strengthen the competitiveness of the region's medical device industry.
The investment agreement is expected to help revitalize the local economy by fostering the medical device and digital healthcare industries and reinforcing a virtuous cycle of local investment, production and employment.
Wonju city said it will continue expanding efforts to attract high-quality companies in future strategic industries — including advanced medical technology, digital healthcare and biotech — drawing on the city's strong transport links, industrial infrastructure and tailored investment support programs.
"This agreement is the largest investment ever secured by a single company in Wonju and a meaningful achievement that signals the start of the ninth elected administration's push to nurture future industries," Mayor Ku Ja-yeol said. "We will continue to create a business-friendly environment, grow future industries, and drive quality job creation and regional economic growth."
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