Kim Dongyeon, Governor of Gyeonggi Province, has achieved his first successful investment attraction from China since taking office.
On September 27, Gyeonggi Province announced that Governor Kim Dongyeon signed an investment agreement with Zhongrui Korea in Nanjing, Jiangsu Province, China, on the 26th, to attract an investment of approximately 60 billion won in the secondary battery sector.
Under this agreement, Zhongrui Korea will establish a secondary battery component manufacturing facility worth 60 billion won on a 21,200-square-meter site within the Oseong Foreign Investment Zone in Pyeongtaek City.
Zhongrui Korea is a joint venture established by Zhongrui Electronics, a Chinese secondary battery component company (70% stake), and KNS, a Korean manufacturer of secondary battery automation equipment (30% stake).
Governor Kim Dongyeon stated, "I promised to attract 100 trillion won in investment during my term, and it looks like this goal will be achieved around next month. While there has been significant capital inflow from the United States, Japan, and Europe, this is the first investment from China. It is particularly meaningful that the first investment capital is entering the advanced secondary battery industry."
Yan Tingzhu, Vice President of Zhongrui Electronics, responded, "The investment in Zhongrui Korea is just the beginning, and we plan to continue with even more investments. We will do our utmost to strengthen our cooperative relationship with Governor Kim Dongyeon and Gyeonggi Province."
Kim Dongyeon, Governor of Gyeonggi Province (right), is taking a commemorative photo after signing an investment agreement with Zhongrui Korea in Jiangsu Province, China, on the 26th to build a secondary battery equipment factory worth 60 billion won in the Pyeongtaek industrial complex. Provided by Gyeonggi Province
According to Gyeonggi Province, as a result of this investment agreement, Zhongrui Electronics plans to begin construction in early 2026 and aims to complete the factory by the end of the same year.
Secondary batteries are rechargeable batteries that are essential components not only for electric vehicles and energy storage systems (ESS) but also for mobile and information technology (IT) devices.
Gyeonggi Province expects this investment to create 150 new jobs and generate annual sales of 50 billion won. Major clients include LG Energy Solution and global electric vehicle companies.
Meanwhile, Gyeonggi Province is the center of South Korea's secondary battery industry. According to Statistics Korea in 2023, 1,073 companies related to the secondary battery industry are located in the province, accounting for 32.6% of the national total.
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