Kim Dong-yeon Secures 410 Billion Won Investment in Distribution and Secondary Batteries in LA, USA Only

Signing of Investment Cooperation Agreement with Shinsegae Simon Co., Ltd.

Kim Dong-yeon, Governor of Gyeonggi Province, currently on a business trip in North America, secured an additional investment worth 410 billion KRW in Los Angeles (LA). With this, Governor Kim achieved a total investment attraction of 1.4 trillion KRW during his North American trip.

On the 16th (local time), Gyeonggi Province announced on the 17th that Governor Kim signed a memorandum of understanding (MOU) at the KOTRA LA Trade Center in Los Angeles, California, with Shinsegae Simon to invest 350 billion KRW in the establishment and expansion of a premium outlet. Additionally, contracts were signed with lithium battery pack manufacturer Cosmo ENG and golf cart and battery manufacturer MPS Korea to invest 61 billion KRW over the next five years in Yeoju City.

At the MOU signing with Shinsegae Simon, Governor Kim emphasized, "Today's investment has three significant meanings: creating opportunities for coexistence and cooperation with local commercial districts, contributing to job creation, and revitalizing a complex tourism industry beyond simple shopping." He added, "This investment area is meaningful as I am promoting large-scale development in the northern and eastern regions."

He continued, "I am pleased and grateful that a large distribution company is cooperating to transfer expertise and support distribution complexes operated by medium-sized or small enterprises, fostering coexistence. I believe such cooperation is also a good strategy from Shinsegae Simon's perspective."

The signing ceremony was attended by Siheung Mayor Lim Byung-taek, Mark Silvestri, President of Development at Simon Property Group, Vice President Woo Chae Akyu, Shin Sang-hwa, Executive Director of Shinsegae International, and Yoon Hong-rip, Executive Director of Shinsegae Simon.

Mayor Lim Byung-taek of Siheung stated, "This investment will not only invigorate the Siheung commercial district but also greatly contribute to regional coexistence development and job creation." He added, "The Siheung Premium Outlet will become a space where citizens and tourists can enjoy pleasure and satisfaction beyond just shopping."

President Silvestri said, "The premium outlet model in Korea has been truly successful and was made possible through cooperation with Gyeonggi Province. I hope to continue leading efforts so that cooperation with Gyeonggi Province leads to economic, cultural, and tourism revitalization, as well as job creation."

According to the MOU, Shinsegae Simon will invest 100 billion KRW in expanding the Siheung Premium Outlet and another 100 billion KRW in expanding outlets in the eastern Gyeonggi region.

Notably, 150 billion KRW will be invested to establish a new premium outlet in the northern Gyeonggi region. Gyeonggi Province expects this to create about 1,000 new jobs in northern Gyeonggi.

Shinsegae Simon is a foreign-invested company jointly established in 2005 by Simon Property Group, Shinsegae, and Shinsegae International.

The premium outlet, first opened in Yeoju in 2007, had four stores as of 2023, creating over 4,000 jobs and attracting 5.82 million visitors annually.

Gyeonggi Province views outlet attraction as a means to promote regional coexistence development, tourism industry revitalization, and job creation.

Accordingly, Gyeonggi Province plans to swiftly support administrative procedures such as permits and facilitate connections between local tourism resources and premium outlets.

Earlier on the same day at the same location, Governor Kim signed an investment MOU with Cosmo ENG and MPS Korea regarding the establishment of production and research facilities for new secondary battery materials.

Investment Agreement Signed with Cosmo ENG Co., Ltd.

According to the agreement, lithium battery pack manufacturer Cosmo ENG and golf cart and battery manufacturer MPS Korea will transfer technology from the University of North Texas (UNT) in the United States and build research and production facilities on a 6,447㎡ site in Cheongan-ri, Jeomdong-myeon, Yeoju City to mass-produce ‘aqueous zinc secondary battery new materials.’ The investment scale is 61 billion KRW over the next five years.

The aqueous zinc secondary battery uses water as an electrolyte solvent, eliminating fire risks and allowing raw materials to be sourced domestically, resulting in lower costs.

This investment area is near Greenergy, a new material secondary battery company investing 100 billion KRW to build a next-generation secondary battery new material production line for defense purposes, aiming for completion by the end of this year.

Governor Kim said, "With the entry of a special-purpose battery manufacturer, we can now form an eco-friendly cluster in Yeoju."

Gyeonggi Province and Yeoju City plan to continuously attract cooperative companies possessing core technologies in the secondary battery new material field to develop the eastern Gyeonggi region into a key hub of the K-battery industry.

Governor Kim concluded his 11-night, 13-day business trip to the United States and Canada with a dinner meeting and lecture with Korean-American businesspeople (World OKTA) at the Oxford Palace Hotel in LA that afternoon.

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