Jeonnam Province, Yeosu Petrochemical Industry Crisis Response Meeting

Meeting with Yeosu Industrial Complex Company Representatives
Agreement Reached to Submit Business Difficulties to the Government

Jeonnam Province recently held a meeting of the Yeosu Petrochemical Industry Crisis Response Council to review the difficulties faced by companies and discuss future measures. Provided by Jeonnam Province

Jeollanam-do held a meeting of the Yeosu Petrochemical Industry Crisis Response Council at the Jeonnam Regional Headquarters of Korea Industrial Complex Corporation on the 22nd to overcome the crisis facing the domestic petrochemical industry. During the meeting, participants shared the current status of initiatives such as the designation of industrial crisis preemptive response areas and discussed strategies together.

The meeting was attended by So Youngho, Director of Strategic Industries at Jeollanam-do, Kang Moonseong, Chair of the Planning and Administration Committee of the Jeonnam Provincial Council, Han Moonseon, President of the Yeosu Chamber of Commerce and Industry, Jin Giseop, Chair of the Yeosu Industrial Complex Plant Managers' Council, Choi Hongjun, Director of the Korea Chemical Industry Association, representatives of companies located in the Yeosu Industrial Complex, and members of the Jeonnam Petrochemical Industry Crisis Response Task Force, totaling about 20 participants.

The Yeosu National Industrial Complex, which has been the backbone of Jeonnam's economy, is the world's largest single chemical industrial complex. Its industrial downturn is directly leading to a contraction of the regional economy. In response, Jeollanam-do launched the “Petrochemical Industry Crisis Response Council” in September last year, composed of both public and private sectors, and has been working to devise solutions to overcome the crisis.

In November last year, Jeollanam-do repeatedly requested strong government support for measures to strengthen the competitiveness of the Yeosu petrochemical industry and solutions to address business difficulties, such as the designation of Yeosu as an industrial crisis preemptive response area, as discussed at the “Yeosu Petrochemical Industry Crisis Response Strategy Forum” and the “On-site Meeting with the Governor and Yeosu Petrochemical Companies” held in December.

In response, at the end of last year, the government announced the “Measures to Enhance Competitiveness of the Petrochemical Industry,” which include supporting voluntary business restructuring for companies with oversupplied NCC facilities, rationalizing regulations to secure global market competitiveness, and providing strategic R&D investment support to shift toward high value-added and eco-friendly products.

To respond comprehensively to the government's competitiveness enhancement measures, Jeollanam-do established a dedicated organization, the “Petrochemical Industry Crisis Response Task Force,” in January this year. The province plans to systematically support the industry by applying for the designation of Yeosu as an industrial crisis preemptive response area within February, actively responding to government project calls, continuously holding meetings with petrochemical companies, and submitting business difficulties to the government.

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