LG Electronics said Thursday a new street named after its corporate name has been created within an industrial complex in Changwon, the capital city of South Gyeongsang Province.

LG Jeonja-ro, meaning “LG Electronics Street” in English, stretches some 500 meters in the neighborhood of its production plant. 

The Changwon city government said the street was designated to honor the company’s continuing investments and job creations in the city even at a time of economic difficulties.

The name has been assigned for five years and can be extended after review. 

LG plans to build a new 20-story research and development center and a 10-story residential building for employees within the plant area, investing about 200 billion won ($167 million) through next year.

“Changwon is the control tower of LG’s home appliances business,” said Cho Seong-jin, the company’s appliance chief and president, in a statement. “We continue efforts to contribute to the city’s economy."

By Lee Ji-yoon (jylee@heraldcorp.com)