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Ulsan City -7 companies agreed on investment in a complex specialized in secondary battery, attracting KRW 700 bn

According to Yonhap News,

Ulsan-si held a declaration ceremony for investment and joint cooperation in a complex specialized in high-tech secondary battery on July 31 at Ulsan City Hall.

Ulsan-si said that the event was organized to successfully promote the "Secondary Battery (National Advanced Strategic Industry) Specialized Complex", following its designation on July 20.

There would be more than 100 attendees including Ulsan's Mayor Kim Doo-kyum, Ulsan City Council Chairman Kim Ki-hwan, and officials from innovation support organizations and leading investment companies.

For the investment agreement to foster the specialized complex, seven investment companies will be participating: two are existing investment leaders while five are new who showed intention of making investment.

These companies are expected to pledge an additional investment of about KRW 700 billion in the specialized complex.

A total of 19 industry-academia associations will be participating: eight innovation support organizations, including Ulsan City, Ulsan University, UNIST, Korea Institute of Energy Research, Ulsan Techno Park, Korea Testing&Research Institute, and Ulsan Research Institute; and 11 leading investment companies.

The declaration includes content such as: attracting and supporting private investment, promoting large-scale R&D projects, establishing integrated infrastructure for the entire life-cycle, and fostering and supplying customized manpower for the industry.

The strategy for fostering the specialized complex consists of five strategic tasks and 13 key detailed projects.

The five strategic tasks include ▲ establishing infrastructure to support the whole life-cycle ▲ securing superior technology through R&D ▲ creating a multi-purpose cooperative district ▲ establishing a cooperative system between materials/parts companies and battery manufacturing companies ▲ improving regulations and systems.

MOTIE designated seven regions as the National Advanced Strategic Industry Complexes on July 20 such as Yongin Pyeongtaek · Gumi (semiconductor), Cheongju·Pohang·Saemangeum·Ulsan (secondary battery), and Cheonan Asan (Display).

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Source: Yonhap News (July 31, 2023)

** This article was translated from Korean.