MCNEX Co., Ltd. Agreed to move the headquarter and its research institute,by early next year
Last 15th, IncheonMetropolitan City made a business agreement with MCNEX Co., Ltd. who areleading the autonomous driving technology and joined the 1 trillion sales club.The business deal was on promoting investment in the Incheon Free Economic Zoneand development cooperation for the Incheon’s future automobile parts industry.
This agreement is to move the MCNEXcompany which is currently located in the Gasan Digital Complex in Geumcheon-guin Seoul to the Incheon Free Economic Zone, and encourage development of futureautomobile parts industry in Incheon through Autonomous Driving TechnologyR&D cooperation etc. It is anticipated that it can create quality jobs foryounger generation by advantage in employment of the Incheon citizens and boostthe local economy.
▲ MCNEX. Park Namchoon, mayor ofIncheon Metropolitan City is meeting with Dong-Wook Min, representative ofMCNEX at the ‘Business Agreement Ceremony for Investment promotion between IncheonMetropolitan City and MCNEX’. The meeting took place at the city hall receptionroom on the last 15th.
The mayor ParkNamchoon expressed gratitude to MCNEX, a global company which is recognized forthe technology around the world, for agreeing to invest in Song-do of Incheon.He said he is anticipating it will help development of the future automobileparts industry in Incheon, and asked to do their best to help establish thefuture automobile business as the core business in Incheon Metropolitan City.
For this investment agreement, MCNEX isgoing to move the headquarters and research institute located in Seoul to IncheonFree Economic Zone (Zone 7) until the end of the year, and extend theAutonomous Driving Technology business through advancement of the AutonomousDriving Technology etc.
MCNEX is a leading company in AutonomousDriving Technology who develops and produces image sensing autonomous drivingsystem including electronic units such as mobile camera module, biometricsensor and camera for vehicles. They are a KOSPI listed company who achieved KRW1.3 trillion, in 2020.
In particular, they have the 1stlargest nationally, and the 5th largest market share in the camerafor vehicles that are used in the autonomous driving technology. They are alsobecoming distinguished in the biometric technology sensor field.
Also, they are focusing on advancing theautonomous driving technology through actively investing in R&D andparticipate in national research projects for development of autonomous drivingvehicle core technology.
▲ Promotion image from MCNEX Co., Ltd(Autonomous Driving Vehicle –provided by MCNEX)
Dong-Wook Min, representative of MCNEX mentioned that Incheon is a good placeto extend the business by increasing infrastructure where it is becoming thecenter of future industry such as biotech, artificial intelligence, robots, andfuture automobiles. He decided to move after much consideration, since it wasthe right location to create synergy effect from R&D with other relatedbusinesses.
On the other hand, the city isimplementing various ways to encourage a systematic growth in the futurevehicle industry, such as ➊ Establishing amanufacturing complex for Hydrogen fuel cell stack by promoting investment fromHyundai Mobis in Cheong-Ra, ➋ Building acertification evaluation center for the material and parts for connected car bypromoting Korea Automotive Technology Institute in Cheong-Ra, ➌ Implementing development business for the innovativetechnology for autonomous driving chosen from contest from Ministry of Scienceand Technology ➍ Promoting support for growth of futurecar parts industry ➎ Establishing a 5-year comprehensiveplan for growth of future car in Incheon.
▲ Promotion image from MCNEX Co.,Ltd (Autonomous Driving Vehicle – provided by MCNEX)
The city is reorganizing the Incheon automobile industry, which is in crisis asthe diesel locomotive market is shrinking, into mainly future vehicles. Theyare planning to promote transitioning future car technology of the automobileparts industry through R&D cooperation with leading companies and researchinstitutes of the autonomous driving vehicles technology located in Incheon.
For the agreement ceremony, Park Namchoon,mayor, Won-Jae Lee, Free Economy Zone Director, Joo-Young Byun, EmploymentEconomy headquarters Director, Dong-Wook Min, representative of MCNEX Co.,Ltd., Je-Hoon Lee, representative of Pavonine Co., Ltd. Participated in themayor reception room.