Busan Transforms into a 1,000 Trillion Won Secondary Battery Industry Hub! ... Signs 800 Billion Won Investment Agreement with Geumyang

MOU Signing at City Hall on the 3rd at 2:30 PM for Establishing Secondary Battery Production Base between City and Geumyang

Local Company Geumyang to Invest 800 Billion KRW by 2026 in 180,000㎡ at Gijang Daewoo General Industrial Complex

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Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] On the 3rd at 2:30 PM, Busan City will sign a memorandum of understanding (MOU) worth 800 billion KRW with Geumyang to establish a secondary battery production base with a scale of 300 million cells at the 7th-floor video conference room of City Hall.

At today's investment agreement ceremony, Busan Mayor Park Hyung-joon and Geumyang CEO Ryu Gwang-ji are scheduled to sign the agreement in person.

Through this investment agreement, ▲ Geumyang will contribute to job creation by establishing and investing in a secondary battery production facility within the Gijang Daewoo General Industrial Complex, and will especially strive to prioritize hiring excellent talent from the Busan area. ▲ Busan City will actively support all necessary matters to facilitate Geumyang's investment and job creation.

Geumyang plans to build a factory for producing 300 million secondary battery cells by 2026 on approximately 180,000㎡ of land within the Gijang Daewoo General Industrial Complex in Gijang-gun, Busan, and to employ about 1,000 new personnel needed for research, management, and production to lead the secondary battery industry.

Founded in 1955, Geumyang is a local company of Busan and has built a reputation as the world's number one eco-friendly foaming agent company.

Since 2020, Geumyang has been constructing a research and development center in Sasang-gu to promote its hydrogen fuel cell business, and last year succeeded in developing the 'cylindrical secondary battery' for the third time domestically, solidifying its status as a future-leading eco-friendly company.

Due to the rapid increase in global electric vehicle production, the secondary battery market size is expected to grow to 1,000 trillion KRW by 2030, surpassing the semiconductor industry. Through this investment, Geumyang aims for sales of 3 trillion KRW and plans to swiftly advance its secondary battery production business and participate in the secondary battery recycling business in the future.

Mayor Park Hyung-joon said, "The news of Geumyang's large-scale investment plan and new job creation is like a refreshing rain to the citizens of Busan during difficult times caused by worsening external economic conditions. I express my gratitude and welcome." He added, "Through this MOU signing, I ask the local company Geumyang to play a major role in making Busan a mecca of the future core industry, the secondary battery industry. We will spare no administrative support so that Geumyang and Busan can grow together."

CEO Ryu Gwang-ji said, "I would like to express my gratitude to Mayor Park Hyung-joon and related officials who actively supported the establishment of the secondary battery production base in Busan." He added, "As a local company, Geumyang will spare no investment to make Busan the mecca of secondary batteries and will do its best to create economic effects through youth employment and cooperation with local companies."