Gwangyang Economic Zone Authority Signs Investment Agreement Worth Over 1.1 Trillion Won

POSCO Holdings, Kumho Mitsui Chemicals Investment Attraction, Employment Creation Effect of About 200 People

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Chairman Song Sang-rak, hereinafter referred to as Gwangyang Economic Authority) announced on December 14 (Wednesday) that it signed an investment agreement worth 1.1 trillion KRW with POSCO Holdings Co., Ltd. and Kumho Mitsui Chemicals Co., Ltd. at the Lotte Hotel in Seoul.

The signing ceremony was attended by Jeonnam Governor Kim Young-rok, Gwangyang Economic Authority Investment Attraction Headquarters Director Jeong Chan-gyun, Gwangyang Mayor Jeong In-hwa, Yeosu Deputy Mayor Park Hyun-sik, Kumho Mitsui Chemicals Deputy Mayor Son Young-won, POSCO Holdings Executive Director Lee Kyung-seop, and other corporate representatives.

POSCO Holdings plans to invest 575.1 billion KRW by the end of 2025 to build a lithium hydroxide manufacturing facility for cathode materials in the Gwangyang Sepung Industrial Complex, which is expected to create 131 jobs.

Kumho Mitsui Chemicals will invest 500 billion KRW to construct a polyurethane key raw material manufacturing plant in the Yeosu National Industrial Complex by mid-2024, with an expected creation of 75 new jobs.

Governor Kim Young-rok said, “Jeonnam Province is focusing on attracting advanced and strategic industry companies with the goal of attracting 30 trillion KRW in investment and creating 35,000 jobs by 2025. We will ensure that companies can fully demonstrate their capabilities and vigorously open a new future based on the solid infrastructure Jeollanam-do has established.”

Jeong Chan-gyun, head of the Gwangyang Economic Authority Investment Attraction Headquarters, stated, “This investment will contribute to the creation of an innovative cluster for high value-added functional chemical materials and secondary battery materials, as well as improve the industrial complex’s structure. We expect it to greatly contribute to providing excellent local jobs and regional economic development.”

Following the investment agreement ceremony, an investment attraction briefing was held with the participation of about 150 representatives from 100 companies located in the metropolitan area, including those in renewable energy, semiconductors, offshore wind power, and data centers.

Jeonnam Province explained the investment environment and incentives focusing on its priority investment sectors such as renewable energy, offshore wind power, hydrogen, and semiconductors, aiming to attract investment in advanced and strategic industries, and actively requested investment in Jeonnam.

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

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