A Korea-China joint venture secondary battery material production facility worth 1.21 trillion KRW will be established in the Saemangeum National Industrial Complex.
The Saemangeum Development Authority announced on the 23rd that it has succeeded in attracting the largest manufacturing sector company since its establishment. Domestic companies SK On and EcoPro Materials, along with China's GEM, jointly established GEM Korea New Energy Materials and chose Saemangeum as their investment destination.
This investment amount exceeds last year's investment attraction performance (21 companies, 1.1852 trillion KRW). In particular, foreign direct investment (FDI) of 592.9 billion KRW marks the largest overseas company attraction record in the history of the Saemangeum National Industrial Complex.
The Saemangeum Development Authority will sign an investment agreement with GEM Korea New Energy Materials on the 24th to build a secondary battery precursor production facility in the Saemangeum National Industrial Complex. Construction of the precursor factory, based on an annual production capacity of 100,000 tons, will begin in earnest from June. The first plant is scheduled to operate in 2025, followed by the second plant in 2027, with an expected employment effect of about 1,100 people. Most of the products produced at the plant will be exported to the North American cathode material production plants of the domestic investors.
The Saemangeum Development Authority plans to reduce domestic precursor import dependence and strengthen the competitiveness of the secondary battery industry through a complete supply chain establishment. It explained that it has been fully committed to attracting this investment, considering the comprehensive aspects of national industrial development such as revitalizing export industries and promoting the inflow of FDI into Korea.
It self-assessed that proactively resolving corporate difficulties such as roads and water supply in advance and persistently conducting customized investment negotiations, including adjusting land plans, were effective. GEM Korea New Energy Materials reportedly gave high marks to the advantage of continuous business expansion. Key logistics infrastructure such as the tri-port (railroad, airport, port), which is rapidly being established under active government support, also influenced the investment decision.
Kim Gyu-hyun, head of the Saemangeum Development Authority, said, "The Saemangeum National Industrial Complex is an attractive investment destination in terms of land expansion, logistics, and infrastructure," adding, "Currently, FDI is flowing into Saemangeum, and promising domestic and international leading secondary battery companies are fiercely competing to secure land." He added, "We will spare no support so that companies investing in Saemangeum can achieve their goals and continue to grow and develop."
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