President Moon Attends Groundbreaking Ceremony for Gumi-type Job Factory

LG Chem Subsidiary Producing Core Electric Vehicle Materials... Successful Case of Overcoming Global Supply Chain with Labor, Management, Civil, and Government Cooperation

[Asia Economy reporters Ryu Jeong-min and Lee Ji-eun] On the 11th, President Moon Jae-in attended the groundbreaking ceremony of the ‘Gumi-type Job (LG BCM)’ factory held at the Gumi Convention Center in Gyeongbuk, emphasizing the government's commitment to balanced national development through win-win regional job projects.

LG BCM is a subsidiary of LG Chem established for the production of cathode materials (60,000 tons per year). Cathode materials are key components used in electric vehicle batteries. The 60,000 tons of cathode materials can produce enough for 500,000 electric vehicles.

[Image source=Yonhap News]

The Blue House explained, "It is significant that LG Chem has shifted from overseas investment to domestic investment," adding, "It signifies the revival of the Gumi National Industrial Complex and the establishment of a national forward base for secondary battery production."

To ensure the success of the Gumi-type job project, the government will lease 66,000㎡ of national industrial complex land?2.5 times the area of Jamsil Baseball Stadium?free of charge for 50 years. If an investment of 475.4 billion KRW is made over three years through the Gumi-type job project, it is expected to create employment for 8,200 people.

The event was attended by Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance; Lee Cheol-woo, Governor of Gyeongbuk Province; and Shin Hak-cheol, CEO of LG Chem.

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