South Jeolla Province Launches KRW 4.6 Trillion Industrial Transformation Project for Petrochemicals and Steel
South Jeolla Province has launched a KRW 4.6 trillion industrial transformation project aimed at restructuring its petrochemical and steel sectors to enhance eco-friendliness and high-value manufacturing. Centered on the Yeosu National Industrial Complex and Gwangyang Steelworks, the initiative includes strategies for carbon neutrality, AI-based industry advancements, and renewable energy development, with significant investments planned for carbon capture and low-carbon steel production by 2030. The project also emphasizes job protection and support for local businesses during the industrial transition.
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South Jeolla Province has initiated a KRW 4.6 trillion 'industrial transformation mega project' aimed at restructuring its petrochemical and steel industries towards eco-friendliness and high value-added manufacturing. This project is designed to address global carbon neutrality regulations and is centered on the Yeosu National Industrial Complex and Gwangyang Steelworks.
The province has outlined three core strategies: eco-friendly carbon-neutral transition, advancement of high-value-added AI-based industries, and development of renewable energy-based industrial complexes. Key initiatives include establishing a carbon capture, utilization, and storage (CCUS) cluster, converting to hydrogen reduction ironmaking facilities, and fostering a specialty chemical industry.
Investments by 2030 include KRW 710.2 billion for carbon-free NCCs and KRW 398.3 billion for low-carbon steel production. Efforts will also focus on protecting employment and supporting local businesses amid industrial restructuring.
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