Yeosu City Signs 720 Billion KRW Investment Agreement with H&G Chemical

by Heo Seonsik

Published 01 Sep.2023 14:20(KST)

Updated 15 Aug.2025 09:46(KST)

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Annual Production of 300,000 Tons of EVA Products

Job Creation? Expectations for Revitalizing the Local Economy

Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) announced on the 1st that it signed an investment agreement worth 720 billion KRW with H&G Chemical Co., Ltd. at the Jeollanam-do Eastern Government Complex.

The signing ceremony was held alongside the opening ceremony of the Jeollanam-do Eastern Government Complex, attended by about 200 people including Kim Young-rok, Governor of Jeollanam-do, Jeong Gi-myeong, Mayor of Yeosu, and Lim Sang-il, CEO of H&G Chemical Co., Ltd.

[Photo by Yeosu City]

The agreement states that H&G Chemical Co., Ltd. will invest 720 billion KRW by 2025 to complete an EVA production facility with an annual capacity of 300,000 tons within the national industrial complex, and the city will actively provide administrative support to ensure smooth investment progress.

H&G Chemical Co., Ltd. is a joint venture between Hanwha Solutions and GS Energy, producing EVA [ethylene-vinyl acetate copolymer], a core material for solar module sheets used in coatings and wires.

Currently, the global demand for EVA products exceeds 4.6 million tons annually and is expected to grow by more than 9% each year.

Accordingly, the city expects that this production facility investment will not only enhance national competitiveness but also create about 100 jobs and revitalize the local economy.

Lim Sang-il, CEO of H&G Chemical Co., Ltd., said, “This investment is significant in securing a stable demand base in response to the government’s carbon neutrality policy and renewable energy demand,” adding, “We will strengthen the competitiveness of our business to grow into a global EVA manufacturing company by utilizing the material production capabilities accumulated by Hanwha Solutions over the past 50 years and the competitive raw materials of GS Caltex, a subsidiary of GS Energy.”

In response, Jeong Gi-myeong, Mayor of Yeosu, said, “We will spare no support to help H&G Chemical Co., Ltd. become a global leader in the renewable energy sector,” and added, “We will continue to accelerate efforts to attract new industries to secure new growth engines.”