GEOJE — Samsung Heavy Industries (010140) will build a shipyard for advanced high-value-added vessels and offshore infrastructure at its Geoje complex by 2029. A 10 trillion won ($7 billion) investment plan announced by Samsung Group in July has entered the execution phase through an agreement with local governments.
The city of Geoje said on the 20th that it signed an investment agreement with South Gyeongsang Province and Samsung Heavy Industries at the 2026 South Gyeongsang Province Investment Promotion Session held at the Westin Josun Seoul. The agreement covers construction of the shipyard and additional hiring.
The agreement is linked to an investment plan Samsung Group unveiled on July 3 at a public briefing on the advanced industry development vision for the Yeongnam region. At the time, Samsung Group said it would invest 10 trillion won in Samsung Heavy Industries' Geoje complex to build a shipyard for advanced high-value-added vessels and offshore infrastructure.
Under the agreement, Samsung Heavy Industries will complete the shipyard at the Geoje complex by 2029 and hire additional workers as the project proceeds. Geoje and South Gyeongsang Province will set up a cooperation framework and provide administrative and financial support, including permits and licenses, within the scope allowed by relevant laws. The parties agreed to work together to strengthen the competitiveness of the shipbuilding and offshore industry, the region's main industry, and to revitalize the local economy.
"This investment agreement is an important turning point in which the large-scale investment plan announced by Samsung Heavy Industries in July moves into a concrete execution phase," Geoje Mayor Byun Kwang-yong said. "We will actively support the company's investment so that it leads to a more vibrant local economy and quality jobs, and we will do our best to help Geoje further strengthen its competitiveness as a core hub of South Korea's shipbuilding and offshore industry."