ULSAN < invest Korea

On January 24, Ulsan-si announced that it has attracted investments worth KRW 1 trillion, related to the development of industrial complexes and battery production plants from Samsung SDI, which has global competitiveness in the secondary battery sector.

The city and Samsung SDI signed a memorandum of understanding (MOU) on 'investment in industrial complex development and battery production plants' at the City Hall.

Ulsan's Mayor, Samsung SDI CEO, officials and executives from the two parties attended the MOU signing ceremony.

According to the MOU, Samsung SDI will develop Site 3 in Ulsan's High TechValley industrial complex and build production plants related to cathode materials and batteries.

It will also cooperate to create jobs and revitalize the local economy by giving priority to Ulsan citizens in hiring workers required for production facilities investment and plants operation.

The city will provide administrative support, i.e., speeding up approval and permission process, and continue to cooperate with Samsung SDI by dispatching its public officials to help this investment project proceeds successfully.

Ulsan's mayor said, "with this investment, Ulsan will have both the largest future car production plant in Korea and the largest battery production plant in Korea," adding, "we will provide full support so that our city can be reborn as a city equipped with a lifecycle ecosystem for electric secondary battery industries."



hkm@yna.co.kr

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Source: Yonhap News (January 24, 2024)