Busan Metropolitan City has achieved a notable milestone in its industrial and economic development efforts by securing a significant investment from Shinsung ST Co., Ltd., a small and medium enterprise in the secondary battery sector. The company’s decision to relocate its production facilities and headquarters from Changwon and Yantai, China, to Busan underscores the city’s growing attractiveness as an investment destination.
Shinsung ST Co., Ltd. is set to invest KRW 46.3 billion in establishing a cutting-edge smart factory in the Gangseo-gu District of Busan. This strategic move is aimed at consolidating the company’s position as a leader in the secondary battery industry, essential for electric vehicles (EVs) and various electronic devices. The factory’s operation, scheduled to start next year, is expected to significantly contribute to job creation and the transformation of the local industrial landscape.
Established in 2004, Shinsung ST Co., Ltd. specializes in eco-friendly EV battery components and Energy Storage Systems (ESS), showcasing its commitment to innovation and sustainable technology. With accolades for its technology and management excellence, the company’s relocation to Busan is anticipated to enhance the city’s capabilities in key areas of the fourth industrial revolution.
The MOU includes provisions for prioritizing local hiring, with Shinsung ST Co., Ltd. planning to fill 60 new roles essential for its new factory’s operations. The company’s strong reputation for employee welfare is expected to attract a high level of interest among Busan’s skilled workforce. Furthermore, Shinsung ST Co., Ltd. has pledged to engage local businesses throughout the construction and operational phases, promising a ripple effect of economic revitalization in the region.
Busan City has committed to providing Shinsung ST Co., Ltd. with extensive support, encompassing administrative and financial assistance, to ensure the success of this substantial investment. The city’s focused efforts on nurturing the secondary battery and mobility sectors, including the designation of special development zones, are part of a broader strategy to establish Busan as a leading hub for future mobility industries.
