Yeosu National Industrial Complex, 1.24 Trillion Won Production Facility Investment Agreement

On the 28th, Hanwha Global Division GS Bio Co., Ltd.

Over 1,200 Jobs Expected, Regional Economy Revitalization Anticipated

Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) announced on the 28th that it signed two agreements with Hanwha Global Division Co., Ltd. and GS Bio Co., Ltd. for production facility investments worth approximately 1.24 trillion KRW within the national industrial complex.

According to the city on the 28th, the investment agreement ceremony was held during the metropolitan area investment attraction briefing session at the Western Chosun Seoul Hotel in the morning, attended by about 150 people including Kim Young-rok, Governor of Jeollanam-do, Jeong Gi-myeong, Mayor of Yeosu, Yang Ki-won, CEO of Hanwha Global Division Co., Ltd., and Kim Soo-eun, CEO of GS Bio Co., Ltd.

The first person on the left in the photo is Kim Soo-eun, CEO of GS Bio Co., Ltd., the third is Yang Ki-won, CEO of Hanwha Global Division, the fourth is Jeong Gi-myeong, Mayor of Yeosu, and the fifth is Kim Young-rok, Governor of Jeollanam-do. [Photo by Yeosu City]

According to the agreement, Hanwha Global Division Co., Ltd. is planning an investment of about 1.2 trillion KRW by 2030 for the construction of a nitric acid plant and expansion of related businesses within the national industrial complex.

With an annual production capacity of 400,000 tons of nitric acid, the company aims to enhance price competitiveness, expand domestic and overseas exports, and extend its business by developing high value-added bio materials and eco-friendly semiconductor materials.

Additionally, GS Bio Co., Ltd., which operates a biodiesel production plant within the national industrial complex, plans to expand its biodiesel plant production facilities by 39 billion KRW by 2024, considering international environmental regulations and the global biofuel market expansion trend.

Yeosu City expects that the production facility investments worth approximately 1.24 trillion KRW within the national industrial complex will create about 1,200 jobs and revitalize the local economy, and thus will actively provide administrative support to ensure smooth investment progress.

Yang Ki-won, CEO of Hanwha Global Division Co., Ltd., expressed, “We plan to establish clean ammonia facilities in the North American region, and based on this, we will utilize nitric acid produced domestically to actively promote ammonia/hydrogen/CCS projects for carbon neutrality centered in Yeosu, focusing on bio/semiconductor materials.”

Kim Soo-eun, CEO of GS Bio Co., Ltd., stated, “With the expansion of biodiesel production facilities and the increased supply of biofuels, we will strengthen the competitiveness of the biofuel industry by reducing dependence on petroleum and enhancing energy security.”

Furthermore, both companies conveyed, “We will also do our best to fulfill corporate social responsibility, contribute to regional development, and promote the mutual growth of partner companies.”

In response, Jeong Gi-myeong, Mayor of Yeosu, said, “Hanwha and GS Bio are leading companies representing our country, and we will actively support their growth to continue win-win development with the region,” adding, “We will continue to attract high value-added industries and lead the development of the South Coast.”

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.