BUSAN < invest Korea

According to The Korea Economic Daily Global Edition,

Renault Korea has announced plans to establish an R&D center in Busan.

The Busan city government announced it will sign a "Business Cooperation Agreement on Establishing a Future Car Industry Ecosystem in Busan" with Renault Korea, the Busan Auto Parts Industries Cooperative Association, Korea University Council for Industry-Academia Collaboration Groups in Busan, Ulsan, and Gyeongnam, and Busan Technopark at Busan Station on Monday.

Renault Korea will establish the tentatively named "Busan Eco Cluster Center" at its Busan plant to undertake R&D work. There, the company will work to strengthen collaboration with the local community through industry-academia partnerships and by enlisting local talent.

The Busan auto parts association will take charge in establishing a collaborative complex and ensuring smooth parts supply, while the Korea University Council will focus on developing tailored curricula and operating industry-academia cooperation programs.

Busan Technopark will work to nurture skilled personnel through industry-academia collaboration and establish an R&D cooperation system. Busan's city government has pledged to furnish administrative support.

The city government is engaging in discussions and consultations with central government agencies and others to secure approval for the "Establishment of a Technical Support Base for the Export-driven Future Car Industry Innovation and Growth Project," which will extend to 2027 and is valued at $15.2 billion. it is also preparing support programs for transforming the local auto industry into one focused on future-oriented vehicles.

The city is also cooperating closely with Renault Korea to explore plans to build a core export base in Korea for medium- and large-sized vehicles at the Renault Group level, as well as a large-scale investment plan. It seeks to attract related investment projects and has expressed its intention to actively engage in R&D projects for the domestic production of EV components.

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Write to Hyung-Kyu Kim at khk@hankyung.com




Source: The Korea Economic Daily Global Edition (May 22, 2023)