-KOTRA held an investment declaration ceremony with Plastic Omnium in Glasgow, U.K. on Nov.5 -

Plastic Omnium, France-based global automobile components manufacturer, has decided to invest USD 35 million (about KRW 41 billion) in Korea to build a hydrogen vehicle fuel tank plant.

KOTRA (CEO & President Yu Jeoung-yeol) held an investment declaration ceremony in Glasgow, the U.K. on November 5 (local time). With Minister for Trade Yeo Han-koo attended, Commissioner Jang Sang-hyun of KOTRA and CEO Lautren Favre of Plastic Omnium signed the investment declaration.

Plastic Omnium, headquartered in Paris, France, is a global automobile components manufacturer and the world’s largest company in large-size plastic components such as fuel tanks and bumpers, with presence in 250 countries. This investment in Korea in the field of eco-friendly mobility, announced in Glasgow where the 26th UN Climate Change Conference (COP26) is taking place, is a good news for Korea headed towards carbon-neutral era.

According to a hydrogen market research firm H2 Research, the global hydrogen vehicle market has grown at an annual rate of 58.6% on average since last year and expected to grow to 1.05 million units per year in 2030. Fuel tank for hydrogen vehicle, made of carbon, is key component of hydrogen vehicles. Plastic Omnium signed a supply contract with Hyundai Motors in August to supply about 30,000 units of hydrogen tanks per year.

KOTRA Invest Korea has engaged in active investment attraction activities, visiting Plastic Omnium’s office in Suwon and its plant in Gyeongju. Commissioner Jang Sang-hyun of KOTRA said, “By attracting investment in high-tech materials, parts, and equipment in line with the Korean government’s Green New Deal policy, it is expected to create new jobs and revitalize the local economy,” adding ”We will do our best for the success of this investment project.“

Source: Invest KOREA (November 6, 2021)