Ulsan City to Dispatch European Investment Promotion Delegation

Promoting New Growth Industries and Strengthening International Economic Cooperation from June 11 to 20
Participation in the Korea-Sweden Energy Transition Forum and Investment Promotion Activities Targeting Overseas Companies

Ulsan City will dispatch its 2025 European Investment Promotion Delegation, led by Vice Mayor for Economic Affairs Ahn Hyodae, to three countries?Sweden, Norway, and Belgium?from June 11 to June 20, 2025.

This investment promotion mission has been organized to foster new growth industries and to strengthen international economic cooperation.

The delegation’s first official activity will be participation in the "2025 Korea-Sweden Energy Transition Forum" on June 12. There, they will share insights on Sweden’s energy industry trends and conduct investment promotion activities targeting overseas companies.

This forum is co-hosted by the Korea Trade-Investment Promotion Agency (KOTRA) and Business Sweden. It is designed to facilitate the exchange of information on energy industry trends and cooperation between Korea and Sweden.

By participating in this event, Ulsan City aims to promote itself as a business-friendly city to leading global energy companies and to conduct active investment promotion efforts.

From June 13 to 17, the delegation will consecutively visit Sweden and Norway, where major companies involved in the floating offshore wind farm being developed off the coast of Ulsan are located.

On June 13, the delegation will visit Hexicon, a leading Swedish offshore wind company, to discuss ongoing strategies for the floating offshore wind power project. Hexicon is the lead company for the 750MW "Munmu Baram" project within the Ulsan floating offshore wind farm.

On June 16, the delegation will visit Equinor, Norway’s state-owned integrated energy company, to hear about the current status of their projects and to discuss potential areas of cooperation.

Equinor’s 750MW "Banditbul" project within the Ulsan floating wind farm gained momentum after being selected in December 2024 as the first floating offshore wind project to win a long-term fixed-price bid from the Ministry of Trade, Industry and Energy.

The long-term fixed-price bidding system is a government policy that guarantees renewable energy operators a fixed sales price for 20 years by compensating for the price difference.

On the same day, the Ulsan City investment promotion delegation will meet with the Ambassador of the Republic of Korea to Norway to receive advice on the current status of Europe’s new growth industries and ways to attract more global companies to invest in Ulsan.

On June 17, the delegation will visit the Oslo branch of HD Hyundai Heavy Industries to learn about the current state of the shipbuilding industry in Europe and to explore ways in which local governments can support companies’ overseas market expansion.

Following the visit to HD Hyundai Vietnam Shipyard in April, this visit to the Oslo branch demonstrates Ulsan City’s commitment to actively supporting local companies in overcoming challenges in overseas expansion.

For the final itinerary, on June 18, the delegation will visit the Olen plant of Umicore in Belgium. The investment promotion delegation will hold a roundtable meeting with Umicore to discuss new investment trends and will conduct proactive activities to encourage direct investment in Ulsan.

Through this investment promotion delegation, Ulsan City aims to expand the potential for foreign investment and to foster new growth industries in Ulsan. The city also plans to enhance international economic cooperation as a business city through consultations with leading global companies.

Ahn Hyodae, head of the delegation, stated, "We hope that dispatching the European investment promotion delegation will widely publicize Ulsan City as the optimal location for fostering new growth industries in the era of carbon neutrality and RE100, leading to tangible investment. Through this visit to Europe, we will strengthen Ulsan’s international economic cooperation and create opportunities for Ulsan’s industries to take a significant leap forward."