Gwangyang Economic Zone Authority Signs MOU to Expand Korea-China Cooperation in ESS Sector

Korea ESS Industry Promotion Association Strengthens Cooperation in ESS Sector with China Battery Application Association in Gwangyang Bay Area

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (hereinafter Gwangyang Economic Authority, Director Song Sang-rak) announced on December 21 that it successfully held an online and offline Korea-China investment briefing session in the ESS sector at the President Hotel in Seoul and in Chengdu, Sichuan Province, China.

The investment briefing session was attended by 10 member companies of the ESS Industry Promotion Association from Korea and 68 member companies of the Battery Application Association from China. The event included presentations on Korea-China ESS industry trends, introductions to the investment environment of Jeonnam Province and the Gwangyang Economic Authority, and the signing of a tripartite Memorandum of Understanding (MOU) on the promotion of Korea-China ESS cooperation projects.

ESS refers to a system that stores surplus electricity separately and supplies it when needed.

The Gwangyang Economic Authority introduced foreign investment planned areas such as Sepung Industrial Complex, Hwanggeum Industrial Complex, and Daesong Industrial Complex, the establishment of a secondary battery cluster, and successful cases of attracting investment from Chinese manufacturing companies. It also proposed the promotion of a Korea-China ESS pilot project within the industrial complexes in the Gwangyang Bay area.

The representatives of the Korea-China ESS industry who attended the event expressed great interest in a bilateral cooperation model that equips Chinese lithium iron phosphate (LFP) batteries and Korean ESS components, utilizing Korea's FTA platform to export to the US and European markets.

A Gwangyang Economic Authority investment attraction official stated, "The Gwangyang Bay area is recently expanding investment in core strategic industries such as cathode materials and battery materials, establishing a secondary battery cluster. Along with this, we will also expand the attraction of foreign investment companies in the lithium iron phosphate battery and ESS component industry sectors."

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

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