Kim Dong-yeon Attracts 410 Billion Won in Overseas Investment on Final Day of US Business Trip

[Suwon Ilbo=Reporter Kim Gab-dong] Gyeonggi Province Governor Kim Dong-yeon, who is visiting North America to strengthen international exchanges and cooperation and attract overseas investment, has successfully attracted 410 billion won in investment from US retail enterprises and secondary battery new material companies in a single day, marking a successful conclusion to his overseas business trip.

The investment attraction also achieved success in large-scale investments in Gyeonggi Northern and Gyeonggi Eastern regions, which are facing economic growth difficulties due to overlapping regulations, providing momentum to the province's major development projects in Gyeonggi Northern and Gyeonggi Eastern regions.

Governor Kim met on the afternoon of the 16th local time at the LA Trade Center with Siheung Mayor Im Byeong-taek, Mark Silvestri, President of the Development Division of Simon Property Group, Uche Akujuo, Vice President, Shin Sang-hwa, Senior Executive of Shinsegae International Co., Ltd., and Yoon Hong-rip, Senior Executive of Shinsegae Simon Co., Ltd., and signed an investment cooperation business agreement on new and expanded premium outlets in Gyeonggi Province.

Governor Kim Dong-yeon said, "We are making investments in three locations. Except for Siheung, I cannot disclose the other two locations, but one is in Gyeonggi Eastern region and one is in Gyeonggi Northern region," and added, "We will invest 150 billion won in the north and 100 billion won in the east. As someone striving for the development of these two regions, this is a very meaningful matter."

He continued, noting that today's investment agreement has three major meanings: "First, we have created a good foundation for regional businesses to cooperate and coexist; second, it will greatly help create local jobs; and third, recently distribution is expanding beyond simple shopping to comprehensive tourism."

This points to the fact that Shinsegae Simon Co., Ltd.'s investment is not limited to simply building shopping centers but can become a landmark that drives regional development in harmony with culture, tourism, and more.

Looking at the agreement details, Shinsegae Simon Co., Ltd.'s investment amount is 350 billion won. The company plans to invest 100 billion won in expanding Siheung Premium Outlet, 100 billion won in expanding outlets in the Gyeonggi Eastern region, and 150 billion won in establishing a new premium outlet in Gyeonggi Northern region. Through this, approximately 1,000 new jobs are expected to be created in the Gyeonggi Northern region. Shinsegae Simon Co., Ltd. is a foreign-invested company jointly established in 2005 by Simon Property Group, Shinsegae Co., Ltd., and Shinsegae International Co., Ltd.

Since opening in 2007, Shinsegae Simon Co., Ltd. has created employment for over 4,000 people across four stores as of 2023, with 5.82 million visitors in a year. Gyeonggi Province believes that attracting outlets can generate effects of regional mutual growth and development, activation of regional tourism industry, and job creation within the region.

In fact, Yeoju Premium Outlet signed an operational support agreement last year with a nearby cooperative outlet facing management difficulties, revitalizing the local commercial area through facility renovation and repair, operational know-how support, and shared shuttle bus circulation. Additionally, since last year, the outlet has been operating express buses running directly between Seoul and Yeoju Premium Outlet, and recruiting personnel needed for outlet operations from within the region.

In accordance with the agreement, Gyeonggi Province will promptly provide administrative support such as permits and authorization while supporting linkages between tourism resources within the region and premium outlets.

Prior to attracting the premium outlet investment, Governor Kim signed an investment agreement at the same venue with Cosmo Entech Co., Ltd. CEO Yang Ki-il, Michael Roundtree, President of the University of North Texas, Choi Won-bong, Professor at the University of North Texas, and MPS LA Branch Manager Park Jeong-min regarding the establishment of secondary battery new material production and research facilities.

Under the agreement, Cosmo Entech Co., Ltd. will acquire secondary battery new material technology from MPS Korea Co., Ltd., a golf cart battery pack manufacturer, and the University of North Texas (UNT), and establish an aqueous zinc secondary battery mass production facility that is fire-resistant on a 6,447㎡ site in Jungdong-myeon, Yeoju City. The company will utilize technology acquired from the United States to manufacture products and export them back to the United States. With an investment of 61 billion won over the next five years in the Gyeonggi Eastern region, a regulated area with overlapping restrictions, the company is expected to contribute to the creation of 20 jobs and regional revitalization.

Governor Kim said, "Last year, we attracted a secondary battery new material company to Yeoju. Yeoju is an industrially vulnerable region, but through this agreement, Cosmo Entech is coming to Yeoju," and expressed his pleasure by adding, "With the entry of a specialized battery manufacturer, we can now form an eco-friendly industrial complex."

Gyeonggi Province attracted Greenergy Co., Ltd., a secondary battery new material company, to Yeoju in the Gyeonggi Eastern region, a typical area with overlapping regulations, and expects the production line construction to be completed by the end of this year. Gyeonggi Province and Yeoju City plan to continuously attract cooperative companies with core technologies in the secondary battery new material field to develop the Gyeonggi Eastern region into one axis of the K-battery industry.