Memorandum of Understanding Signed for Domestic Return Investment with Sinseong ST at City Hall on the 4th at 4 PM
Mayor Park Hyung-jun, Sinseong ST CEO Ahn Byung-doo, Sinseong Delta Tech CEO Koo Ja-cheon
Integration of China Production Base
Busan City's proactive investment attraction strategy has shown clear results since the beginning of the year, following last month's investment attraction by the green data center company, DN Solution.
On the 4th at 4 PM, the city will sign a memorandum of understanding (MOU) for domestic return investment with ‘Shinsung ST,’ a promising secondary battery company, at the city hall video conference room.
The signing ceremony will be attended by Mayor Park Hyung-joon, Shinsung ST CEO Ahn Byung-doo, Shinsung Delta Tech CEO Koo Ja-cheon, and Kim Ki-young, head of the Busan-Jinhae Free Economic Zone Authority, among others.
The term ‘secondary battery’ refers to rechargeable batteries that can be used repeatedly and are considered a key component determining the performance of electric vehicles. Numerous electronic devices such as smartphones and drones operate using secondary batteries.
Shinsung ST, a subsidiary of Shinsung Delta Tech, was founded in 2004 and is a promising company specializing in secondary battery components, including eco-friendly electric vehicle batteries and energy storage systems (ESS).
Recognized for its technological capabilities and innovative management, Shinsung ST was designated as a root technology specialized company in 2016 and received the Small and Medium Business Technology Innovation Award in 2020. Last October, it successfully listed on the KOSDAQ market by joining the ‘10 trillion won club’ with a subscription deposit of 12.3 trillion won.
Upon signing this MOU, Shinsung ST plans to consolidate its production base in Yantai, China, and its headquarters in Changwon to Busan to supply the ‘secondary battery parts’ ordered in January this year for export to the United States starting next year.
The company will invest 46.3 billion won in the foreign investment zone in Mieum, Gangseo-gu, Busan, to build a ‘secondary battery smart factory’ equipped with advanced automated facilities, high-level manufacturing technology, and certification systems, securing an annual production capacity of 100 billion won worth of secondary battery parts.
The construction is scheduled to be completed by the end of this year, with full-scale mass production beginning next year.
Additionally, Shinsung ST will prioritize hiring 60 local employees needed for the operation of the new factory in management, purchasing, production, and quality control. The company also promises to actively utilize local businesses from the start of construction through future business operations, contributing to job creation and regional economic revitalization.
Shinsung ST is known for its excellent employee welfare, and many talented individuals from Busan are expected to apply for positions.
The city explained that attracting a promising company in the secondary battery sector, one of the core technologies of the 4th industrial revolution, to Busan is highly significant. It will act as a catalyst for creating quality jobs and restructuring the regional industrial framework.
The city government will actively support all necessary administrative and financial matters to ensure the smooth progress of Shinsung ST’s investment project and plans to accelerate related industry development through designations such as opportunity development zones.
Last September, the city announced the Busan-type Opportunity Development Zone promotion strategy and is currently advancing three special zones in Gangseo-gu, Munhyeon-Bukhang, and Gijang-gun, focusing on secondary batteries and mobility, finance, and power semiconductors.
Mayor Park Hyung-joon said, “We sincerely thank Shinsung ST, which possesses independent specialized technology in the secondary battery sector, a core component of future vehicles, for choosing Busan as the site for their domestic return.” He added, “Since the domestic return, establishment of business sites, and headquarters relocation will all take place in Busan, we will provide maximum support to help the company grow even larger here.” He emphasized, “Following this investment attraction, our city will focus on attracting eco-friendly vehicle-related companies such as electric vehicles to Gangseo. In particular, we will designate Gangseo as a secondary battery and mobility opportunity development zone to nurture it as a mecca of the future mobility industry.”
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