Jeonnam Province Accelerates Efforts to Attract Global Offshore Wind and Bio Companies

SeAH Steel and Two Other Companies Sign Investment Agreement Worth 115 Billion KRW

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province is accelerating efforts to attract global offshore wind power and bio companies.

On the 29th, the province announced that it signed investment agreements worth 115 billion KRW with three companies, including SeAH Steel, a manufacturer of offshore wind power substructures.

The face-to-face agreement ceremony, held for the first time since October last year due to the spread of COVID-19, was conducted simply with only the minimum number of attendees, including company representatives and the respective mayors and county heads.

According to the agreement, SeAH Steel Co., Ltd. will establish a production system for cylindrical steel pipe substructures (Mono-pile) with a circumference of 8m and a length of 100m through an 80 billion KRW expansion at the Suncheon plant in Yulchon Industrial Complex.

It was the first among companies participating in the ‘Jeonnam-type Win-Win Job Agreement Ceremony’ in February to decide on investment. The company plans to expand into the global offshore wind power substructure market, including Asia and Europe, as well as domestically.

SeAH Steel currently exports tower-type offshore wind power substructures manufactured at its 365,000㎡ Suncheon plant to France and Taiwan.

Wind Energy Co., Ltd. invested 5 billion KRW to establish the nation’s first factory manufacturing small vertical wind turbines that can be installed in urban areas such as factory roofs, located on a 3,000㎡ site in the Naju Shindosan Industrial Complex.

Under this agreement, the company will work on building the Jeonnam brand for ‘wind power generation in daily life’ through rapid commercialization and expansion.

Wind Energy started up with core wind turbine technology developed with KEPCO funds and specialized technology support from local research institutes, serving as a model for industry-academia-research cooperation.

Paksel Bio is establishing a research and production facility complex for anticancer immunotherapy cell treatments on a 13,000㎡ site in the Hwasun Bio Pharmaceutical Industrial Complex. It is a company that grew in Jeonnam with the goal of popularizing anticancer immunotherapy.

CEO Lee Junhaeng of Paksel Bio said, “We will definitely achieve the corporate goal of ‘extending human life’ by developing immunotherapy to conquer cancer,” and added, “We hope for continued active interest and support from Jeonnam Province.”

Kim Youngrok, Governor of Jeonnam Province, said, “At last month’s Jeonnam-type Win-Win Job Declaration Ceremony, Jeonnam was entrusted by the nation with the responsibility to lead regional economic recovery and Korea’s economic leap through the success of the 8.2GW offshore wind power project, which spearheads the regional balanced New Deal,” and added, “I hope the companies in the agreement will achieve the goal of becoming the world’s number one company with such pride and responsibility.”

He continued, “Jeonnam Province has prepared the nation’s largest and most unprecedented incentive system since last year, including up to 100 billion KRW in corporate subsidies and support for infrastructure and convenience facilities, and established a dedicated organization for investment companies earlier this year,” and said, “We will do our best to attract advanced excellent companies by creating a business-friendly environment in Jeonnam.”

Meanwhile, since the 7th local government term, Jeonnam Province has signed investment agreements with 741 companies worth 19.1844 trillion KRW, and despite the COVID-19 situation this year, it is focusing on customized corporate attraction efforts such as online investment briefings.

This content was produced with the assistance of AI translation services.