Plastic Omnium confirms 41 billion KRW investment in Han... KOTRA holds investment declaration ceremony

[Asia Economy Reporter Jeong Hyunjin] The French global automotive parts company 'Plastic Omnium' has confirmed a $35 million (approximately 41 billion KRW) investment in South Korea to establish a hydrogen vehicle fuel tank factory, KOTRA announced on the 5th.

KOTRA will hold an investment declaration ceremony in Glasgow, UK, focusing on this announcement. The ceremony will be attended by Yeo Han-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, with Jang Sang-hyun, CEO of KOTRA Invest Korea, and Laurent Favre, CEO of Plastic Omnium, signing the investment declaration.

Headquartered in Paris, France, Plastic Omnium is a global automotive parts manufacturer operating in 25 countries worldwide and is the world's number one company in large plastic parts such as fuel tanks and bumpers. KOTRA Invest Korea explained that it has actively promoted investment attraction activities by traveling between Plastic Omnium's Suwon office and Gyeongju factory.

According to H2 Research, a specialized hydrogen market research institute, the global hydrogen vehicle market size is expected to grow at an average annual rate of 58.6% from 2020 and reach an annual scale of 1.05 million units by 2030. Hydrogen vehicle fuel tanks, made of carbon, are key components of hydrogen vehicles. Plastic Omnium signed a supply contract with Hyundai Motor Company in August for an annual volume of 30,000 hydrogen tanks.

Jang Sang-hyun, CEO of KOTRA Invest Korea, said, "This investment in advanced materials, parts, and equipment sectors aligns with our government's Green New Deal policy framework and is expected to create new jobs and revitalize the local economy," adding, "We will do our best to ensure the success of this investment project."

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