Daegu’s 5 year growth rate in manufacturing industry

The Dongbuk Regional Statistics Office reported on November 12 that the growth rate of the mining and manufacturing sector in Daegu surpassed the national average. From 2008 to 2012, the number of companies has increased by 11.3% while the nationwide the increase was 9.25%. The number of employees employed by the sector also led the nation by growing by 13.8% compared to a national average of 12.1%. The major growth however was in value added; The Daegu area valued added rose by a stunning 33% beating the already impressive 30.7% achieved nationally. The most improved areas were machinery, automotive and precision metal sectors.

This growth rate has been driven by strong support from the Daegu Metropolitan City which has ensured that the sector was revitalized as the industry recovered from the aftershocks of the 2008 Global Financial Crisis.

Since 2007, Daegu Metropolitan City has established a great variety of supporting infrastructure to promote manufacturing industry within Daegu. Supporting organizations have been built up which include the Next Generation Mold Technology Innovation Center in Daegu Mechatronics & Materials Institute, Korea Intelligent Automotive Parts Promotion Institute with a construction of an automotive proving ground, Korea Institute of Industrial Technology Daegu Center, and the Korea Institute of Machinery and Materials Daegu Center.

These investments that have worked in tandem with related investments by Ministry of Trade, Industry & Energy. Daegu is currently carrying forward several preliminary feasibility projects including technology enhancement in advanced tool industry and core technology development for autonomous drive. Daegu City will continue to find convergence projects in the related fields to heighten added value in machinery industry.

An official at the Daegu City Metropolitan government said that City Hall’s zeal for helping the industry will continue to grow saying that “Daegu City will keep considering innovative and value added ways to support machinery industry both financially and politically.”