Gwangyang Economic Zone Authority Signs Large-Scale Investment Agreement with Lotte Chemical Co., Ltd. and Others in Future New Industry Sector

Investment of 450 Billion KRW and Creation of Approximately 500 Jobs in Yulchon 1st Industrial Complex

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Chairman Song Sang-rak, hereinafter Gwangyang Economic Authority) announced on the 6th that it signed an investment agreement worth 450 billion KRW with Jeollanam-do, Suncheon City, Gwangyang City, Lotte Chemical Co., Ltd., and Sampak LFT Co., Ltd. at the VIP room of Jeonnam Provincial Office.

Attending the agreement ceremony were Governor Kim Young-rok, Lee Young-jun, CEO of Lotte Chemical Co., Ltd. Advanced Materials, Yoon Sung-taek, CEO of Sampak LFT Co., Ltd., Heo Seok, Mayor of Suncheon, Kim Kyung-ho, Vice Mayor of Gwangyang, and Song Sang-rak, Chairman of Gwangyang Economic Authority.

This agreement involves Lotte Chemical Co., Ltd. and its subsidiary Sampak LFT Co., Ltd. proactively responding to new industries by expanding factories for high-performance advanced materials used in automobiles and electronic devices, and investing in new businesses such as hydrogen and secondary battery materials. They will be located in the Yulchon 1st Industrial Complex of the Gwangyang Bay Area Free Economic Zone and will create about 500 new jobs with an investment of 450 billion KRW in the future.

Sampak LFT Co., Ltd. has its headquarters and factory in Yesan, Chungnam, and achieves annual sales of around 90 billion KRW. LFT (Long Fiber Thermoplastics) is a thermoplastic long fiber composite material made by mixing carbon fiber and plastic, which is lighter and more impact-resistant than metal materials, attracting attention as a lightweight material for parts in automobiles and mobile phones.

Lotte Chemical Co., Ltd. is a leading petrochemical company in Korea with five domestic factories including Yeosu National Industrial Complex and 26 overseas production bases, consistently achieving annual sales exceeding 12 trillion KRW. The Yeosu plant creates employment for 1,600 people and achieves annual sales of 5.4 trillion KRW, accounting for 42% of the company's total sales.

Governor Kim Young-rok stated at the agreement, “Sampak LFT Co., Ltd. will expand its high-performance advanced materials factory in Yulchon Industrial Complex to establish an integrated production base, which will provide an opportunity to further enhance the competitiveness of our region’s advanced materials industry,” and added, “Our province will promote future new businesses such as hydrogen and secondary battery materials together with related companies including Lotte Chemical Co., Ltd., and build the eastern region into a future advanced industrial hub.”

Song Sang-rak, Chairman of Gwangyang Economic Authority, said, “Sampak LFT Co., Ltd. and Lotte Chemical Co., Ltd. plan to create a total of about 500 jobs, which is expected to contribute to the local economy, and we will do our best to support successful investments to contribute to corporate success and the regional economy.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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