Yoon: "Secondary Batteries Are Core Strategic Assets... Saemangeum Is the Optimal Platform" (Comprehensive)

President Yoon Attends 'Saemangeum Secondary Battery Investment Agreement Ceremony' in Jeonbuk During Vacation
Evaluates Localization and Supply Chain Establishment of Secondary Batteries... Promises 'Tailored Support'
Emphasized Saemangeum Support Since President-Elect Period... Assesses Innovation Achievements at Cabinet Meeting

President Yoon Suk-yeol on the 2nd stated, "Secondary batteries, along with semiconductors, are core strategic assets of our country," promising government-level support. In particular, President Yoon identified Saemangeum as the center for building the secondary battery industry ecosystem and urged domestic and foreign companies to invest.

On the afternoon of the same day, President Yoon attended the Saemangeum Secondary Battery Investment Agreement Ceremony held at the Gunsan Saemangeum Convention Center (GSCO) in Jeonbuk, saying, "We will spare no tailored support to ensure that more advanced companies gather at this Saemangeum platform and that foreign investment becomes more active."

The agreement ceremony was arranged for LS Group to sign an investment agreement with related organizations such as the Saemangeum Development Agency and Jeollabuk-do to build a secondary battery core material manufacturing facility worth approximately 1.84 trillion KRW in the Saemangeum National Industrial Complex. About 200 people attended, including executives and employees of the investing company, the Minister of Land, Infrastructure and Transport, members of the National Assembly, and local residents.

President Yoon Suk-yeol is applauding after completing a button-pressing performance with attendees at the 'Saemangeum Secondary Battery Investment Agreement Ceremony' held on the 2nd at the Gunsan Saemangeum Convention Center (GSCO) in Jeonbuk. From the left are Kim Oh-jin, 1st Vice Minister of the Ministry of Land, Infrastructure and Transport; Myung Noh-hyun, CEO of LS; President Yoon; Koo Ja-eun, Chairman of LS Group; and Heo Je-hong, Chairman of L&F.
[Photo by Yonhap News]

President Yoon reiterated the government's commitment to fostering the secondary battery sector. He said, "Secondary batteries, along with semiconductors, are core strategic assets of our country," and evaluated, "This investment is significant in that it localizes secondary battery materials and establishes a supply chain." Although our companies possess world-class manufacturing competitiveness with high technology and mass production capabilities in the secondary battery field, many materials are still dependent on overseas sources, so it is judged that localization of secondary battery materials and stable supply chain establishment will be possible in the future.

He also expressed expectations for Saemangeum's role in building the secondary battery ecosystem. President Yoon said, "Saemangeum, where the clustering of secondary battery-related companies is easy, is the optimal platform," emphasizing tailored support to attract advanced companies and foreign investment. He also pledged support for our companies to pioneer export markets. President Yoon stated, "By pursuing diplomacy as a global pivotal country aiming for freedom, peace, and prosperity, we will raise Korea's credibility in the international community," adding, "As Korea's first sales representative, I will work together with you so that many foreign companies invest domestically and we can pioneer our export markets."

President Yoon has promised support within Saemangeum since his presidential candidacy. In April last year, while still president-elect, he visited Jeonbuk and said, "I will make Saemangeum and Jeollabuk-do regions bustling with companies where anyone can come and freely make money." In the June State Council meeting, he also pointed to Saemangeum as a result of the current government's regulatory innovation. At that time, President Yoon revealed, "Since the establishment of the Saemangeum Development Agency in 2013, the investment attraction scale for the Saemangeum National Industrial Complex was 1.5 trillion KRW over nine years, but after our government took office, 30 companies decided on investments exceeding four times that amount, totaling 6.6 trillion KRW in just one year."

Government-level support continues. Last month, the government announced the 'National Advanced Strategic Industry Secondary Battery Specialized Complex,' including Saemangeum. Since the end of last year, efforts have been underway to designate specialized complexes to enhance national competitiveness in advanced technologies such as semiconductors, displays, and secondary batteries. Companies entering the specialized complexes will receive comprehensive government support for infrastructure construction and simplification of permits and approvals.

The Jeonbuk Research Institute estimates that the production inducement effect from the designation of the Saemangeum specialized complex will be 8.5 trillion KRW, with an employment inducement effect of 32,000 people. It also forecasts that Jeonbuk's share of the regional gross domestic product (GRDP) will rise from 2.7% nationwide in 2021 to 3.5% in 2028.

The government views LS Group's investment of approximately 1.8 trillion KRW as highly significant in localizing secondary battery materials and establishing a stable and independent supply chain. A government official said, "We expect that the synergy between the two national advanced industrial complexes in Wanju and Iksan, Jeonbuk, designated last March, and Saemangeum will play a key role in Jeonbuk's development."

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