Gwangyang Economic Free Zone Authority Chief Song Sang-rak, Gwangyang Bay Area as a Hub for Functional Chemical Material Industry

Director Song Sang-rak Visits Korea Petrochemical Industry Association

At the Center of Bio-Chemistry and Environmentally Friendly Advanced Materials Industry

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter Gwangyang Economic Authority) announced on the 2nd that on April 29th, it visited the Korea Petrochemical Industry Association (Chairman Moon Dong-jun, hereinafter KPIA) located in Jongno-gu, Seoul, and held a luncheon meeting with Song Yoo-jong, the full-time vice chairman, and key member company officials, requesting them to actively consider the Gwangyang Bay Area as a candidate site for advanced materials new industries.

KPIA was established in July 1974 with the purpose of promoting the sound development of Korea's petrochemical industry and actively participating in policy formulation and implementation related to the petrochemical industry to contribute to the national economy. KPIA consists of 32 member companies, which are the major petrochemical leader groups in South Korea, among which 20 companies have factories in the Yeosu Industrial Complex.

The government announced the 2050 Carbon Neutrality Scenario and the 2030 National Greenhouse Gas Reduction Target (NDC), which include the goal of reducing greenhouse gas emissions by 40% compared to 2018 by 2030 and achieving net-zero emissions by 2050.

To achieve carbon neutrality by 2050, it is necessary to actively foster decarbonization industries such as recycled products, biodegradable materials based on bio raw materials, renewable energy (solar, wind, hydrogen, etc.), and eco-friendly materials.

Song Sang-rak, Commissioner of the Gwangyang Economic Authority, stated, “We will strengthen cooperation with KPIA so that the Gwangyang Bay Area can emerge as a hub for functional chemical materials, biochemicals, and environmentally friendly advanced materials industries.”

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

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