Gwangyang Economic Free Zone Authority Conducts Investment Attraction Activities in Wuxi and Beijing, China
Promotion of Investment Consultations for Promising Investment Companies in e-Mobility and Secondary Batteries
The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter Gwangyang Economic Authority) announced that from November 20 to 24, it conducted investment attraction activities targeting e-mobility and secondary battery companies and related organizations in Wuxi (无?) and Beijing (北京), China, in collaboration with the Korea Electric Two-Wheeled Vehicle Association.
Wuxi, a major production base for electric bicycles and ESS (Energy Storage Systems), saw the delegation visit leading Chinese electric bicycle companies YADEA and BODO, proposing a manufacturing export business model utilizing Korea's free trade zones and FTAs.
Subsequently, they visited LD Group, a secondary battery cell manufacturer, emphasizing the demand for LFP battery cells for ESS in Korea and highlighting Gwangyang Bay Area as an attractive investment destination and export manufacturing base for ESS.
On the 22nd, the delegation moved to Beijing to continue activities with visits to Minmetals Group and the China ESS Association.
Minmetals Group, ranked among the Fortune Global 500, is a global leader in metal processing and materials, recently expanding its business into the secondary battery sector.
The Gwangyang Economic Authority introduced the Gwangyang Bay Area, which is transitioning to the secondary battery industry, mentioning Korea-China joint ventures in the secondary battery field such as POSCO HY Clean Metal and Narada Energy, and proposed investment in the lithium iron phosphate (LFP) material sector in the Gwangyang Bay Area.
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A representative of the Gwangyang Economic Authority stated, “Through this investment attraction activity, we aim to attract lithium iron phosphate (LFP) battery material and cell manufacturing companies to complete the entire secondary battery industry cycle within the Gwangyang Bay Area, secure a leading position in the rapidly growing global ESS market, and establish a foundation for expansion into upstream industries.”
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