Yeosu City, Lotte Chemical Co., Ltd. Attracts 205.6 Billion KRW Investment to Drive Local Economic Vitality

Investment Agreement Signed on the 21st... High Value-Added Production Facility Investment in Yeosu National Industrial Complex by 2024

[Yeosu=Asia Economy Honam Reporting Headquarters Reporter Choi Cheol-hoon] Jeonnam Yeosu City (Mayor Jeong Gi-myeong) announced on the 21st that it signed an investment agreement with Lotte Chemical Corporation for a manufacturing plant and battery business worth 205.6 billion KRW within the Yeosu National Industrial Complex.

The agreement ceremony was held at Lotte Chemical Corporation's Yeosu Plant 1, attended by about 20 people including Yeosu Mayor Jeong Gi-myeong and Lotte Chemical Corporation CEO Hwang Jin-gu.

According to the agreement, Lotte Chemical Corporation plans to build a manufacturing plant at Yeosu Plant 1 to produce Hecellose, a raw material used as a thickener for paint and household products, and a plant to produce vanadium battery electrolyte.

In particular, infrastructure construction projects for new factory establishment will be promoted in Block 6 within the Yeosu National Industrial Complex.

According to the city, Lotte Chemical Corporation's production facilities and infrastructure construction projects are expected to create about 420 direct and indirect jobs and about 1,500 employment opportunities during the construction period.

As it is expected to revitalize the local economy, which has been stagnant due to the prolonged COVID-19 pandemic, the city plans to actively provide administrative support to ensure smooth investment progress.

Hwang Jin-gu, Head of Basic Materials Business at Lotte Chemical Corporation, said, "This investment will be an important catalyst for Lotte Chemical Corporation to continuously maintain profitability, establish a foothold for next-generation battery material production, and simultaneously consider additional new investments," adding, "We will also do our best for corporate social responsibility, regional community development, and the mutual growth of partner companies."

Yeosu Mayor Jeong Gi-myeong said, "We will actively support Lotte Chemical to grow bigger as a global company representing Korea and continue to achieve win-win development with the region," and added, "We will continue to attract high value-added industries to create quality jobs and lead the revitalization of the local economy."

Yeosu=Asia Economy Honam Reporting Headquarters Reporter Choi Cheol-hoon hss79@asiae.co.kr

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