Transition to Future Industries
and Creation of Local Jobs Expected
Yeosu City, South Jeolla Province, announced on the 26th that it had signed an investment agreement worth a total of 1.2441 trillion KRW at the Jeollanam-do Eastern Regional Headquarters, Nacheolsil, with Jeollanam-do, Yeosu Green Energy Co., Ltd., Hanwha Global Division Co., Ltd., LX MMA Co., Ltd., and others.
The signing ceremony was attended by the Governor of Jeollanam-do, Mayor Jeong Gi-myeong of Yeosu, and company representatives, who shared a commitment to strengthening the future competitiveness of the Yeosu Industrial Complex and establishing a foundation for high value-added industries.
Yeosu City (Mayor Jeong Gi-myeong) signed an investment agreement worth a total of 1.2441 trillion KRW on the 26th at the Jeollanam-do Eastern Regional Headquarters, Nacheolshil, with Jeollanam-do, Yeosu Green Energy Co., Ltd., Hanwha Global Division Co., Ltd., and LX MMA Co., Ltd. Photo by Yeosu City
This agreement is significant as Yeosu has been selected as a forward base for future industries, despite the challenging domestic and international environment faced by the oil refining and petrochemical sectors. In particular, the large-scale investment is expected to make a substantial contribution to creating new jobs for local residents.
The purpose of this investment is to shift the industrial structure away from mass production of general-purpose products toward high value-added products and core materials for bio-processes, enabling small-scale production of a wide variety of products.
In addition, the LNG combined cycle power plant construction project is expected to support Yeosu City's carbon neutrality policy and provide a stable supply of electricity and steam to the national industrial complex.
The companies involved in the agreement plan to gradually implement facility construction, eco-friendly process improvements, expansion of new production lines, and strengthening of research and development (R&D) functions within the Yeosu National Industrial Complex.
Mayor Jeong Gi-myeong of Yeosu stated, "This large-scale investment will enhance the sustainability of the local industry and make a significant contribution to the creation of future-oriented jobs," adding, "We will focus all our capabilities on providing administrative support and facilitating permits so that companies can invest with confidence."
Yeosu City plans to continue attracting companies in future-oriented industries such as carbon neutrality, white bio, and digital transformation, thereby strengthening the foundation for stable growth of the local economy.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
