BUSAN < invest Korea

According to Yonhap News,

Kumyang, a local company in Busan, is set out to build a large-scale secondary battery production plant in Gijang-gun, Busan.

Kumyang is scheduled to hold a groundbreaking ceremony for the construction of a secondary battery production plant at Dongbusan E-PARK General Industrial Complex in Ori, Jangan-eup, Gijang-gun, Busan on September 11.

More than 300 people, including Busan's Mayor, Kumyang's Chairman, and distinguished guests from the business and politics will attend the groundbreaking ceremony.

The event will be held in the order of an opening ceremony, a groundbreaking ceremony, and a safety prayer ceremony.

Kumyang plans to build a cylindrical battery plant with a total area of 40,000 pyeong, two floors above the ground, and 300 million cells, with an aim of mass-producing in earnest from 2025.

Earlier in January, Busan-si and Kumyang signed a memorandum of understanding on investment, including the construction of secondary battery production facilities, and promised to contribute to job creation in the course of investment implementation.

Kumyang plans to invest a total of KRW 800 billion by 2026 to build and operate a 300 million cell secondary battery production plant.

When the plant goes into operation, it is expected to create more than 1,000 new jobs and contribute to regional economic development greatly.


ccho@yna.co.kr

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Source: Yonhap News (September 11, 2023)