Hyosung Group said Monday that it would create a research and development cluster for carbon fiber, a highstrength, low-weight material, in partnership with North Jeolla Province.
Through the new R&D complex, called the Creative Economy Innovation Center, the Korean chemical and textile giant said it aims to share its technological and management know-how with smaller firms and help them find overseas sales channels.
As part of the plan, the group will invest 1.2 trillion won ($1.07 billion) into its existing carbon fiber production site in Jeonju, the provincial capital, to elevate the annual capacity to 14,000 tons by 2020.
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Visitors look at an artificial leg made of carbon fiber at the Creative Economy Innovation Center in Jeonju, North Jeolla Province, Monday. (Hyosung Group) |
Hyosung said another 40 billion won would be poured to nurture small and mediumsized companies in the carbon fiber field, including a 20 billion won fund for start-ups and an R&D complex. The provincial government also decided
to inject an additional 5 billion won for the same purpose.
“The new plan will help the Park Geun-hye government’s ‘creative economy’ initiative as well,” the group said in a statement.
On Monday, Hyosung and North Jeolla Province signed a memorandum of understanding to work together on the operation of the R&D cluster.
By Lee Ji-yoon (
jylee@heraldcorp.com)