Yeosu City Signs 500 Billion KRW Investment Agreement with Kumho Mitsui Chemicals Co., Ltd.

Agreement on MDI Production Plant Expansion at the 'Capital Region Investment Attraction Briefing' Hosted by Jeollanam-do on the 14th

[Yeosu=Asia Economy Honam Reporting Headquarters Reporter Choi Cheol-hoon] Jeollanam-do Yeosu City (Mayor Jeong Gi-myeong) announced on the 14th that it signed an investment agreement with Kumho Mitsui Chemicals Co., Ltd. for the expansion of an MDI production plant worth 500 billion KRW within the Yeosu National Industrial Complex.

The agreement ceremony was held together at the "Capital Region Investment Attraction Briefing" hosted by Jeollanam-do at the Lotte Hotel in Seoul.

About 120 officials attended the ceremony, including Kim Young-rok, Governor of Jeollanam-do, Park Hyun-sik, Deputy Mayor of Yeosu City, and Son Young-won, Vice President of Kumho Mitsui Chemicals Co., Ltd.

According to the agreement, Kumho Mitsui Chemicals Co., Ltd. plans to expand its MDI production plant within the Yeosu National Industrial Complex by 2024. MDI is a key raw material for polyurethane used in various products such as refrigerators, building materials, automotive interior and exterior parts, LNG ships, and Spandex.

The city expects that the expansion of the MDI production plant will create 75 direct and indirect jobs and approximately 1,500 jobs during the construction period.

In particular, as this investment is expected to revitalize the local economy, which has been stagnant due to rising prices and the prolonged COVID-19 pandemic, the city plans to actively provide administrative support to ensure smooth progress of the investment.

Son Young-won, Vice President of Kumho Mitsui Chemicals Co., Ltd., stated, "With this investment, Kumho Mitsui Chemicals Co., Ltd. will expand its MDI production capacity from 410,000 tons to 610,000 tons annually, becoming the world's 4th largest MDI producer based on a single plant." He added, "We will also do our best to fulfill corporate social responsibility, contribute to regional development, and promote the mutual growth of partner companies."

Jeong Gi-myeong, Mayor of Yeosu City, said, "We will actively support Kumho Mitsui Chemicals Co., Ltd. to grow bigger as a global company representing Korea and continue to achieve win-win development with the region." He added, "We will continue to attract high value-added industries to create quality jobs and drive 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.