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Gyeongju, the Thousand-Year-Old Capital of Silla... Now Rising as a 'Personal Mobility' City

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작성일 2023.02.07

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* On July 7th, the city of Gyeongju has forged an investment deal worth KRW 30 billion (approximately USD 25 million) with personal mobility companies EMI Korea and SMK. As per the agreement, these firms will channel KRW 30 billion by 2025 to establish a production line for personal mobility devices and secondary battery packs in Angang-eup, Gyeongju.

"Gyeongju, the Thousand-Year-Old Capital of Silla... Now Rising as a 'Personal Mobility' City"

On July 7th, Gyeongju City in North Gyeongsang Province signed an investment agreement of 30 billion KRW with personal mobility companies EME Korea and SMK. In accordance with this agreement, these 
companies will invest 30 billion KRW by 2025 to establish a production line for personal mobility vehicles such as electric bicycles and secondary battery packs in Angang-eup, Gyeongju. SMK, a subsidiary of 
EME Korea, will be responsible for the production of secondary battery packs. The reason for EME Korea, headquartered in Daegu, to invest in Gyeongju instead is because it was deemed the ideal location for 
nurturing the personal mobility industry. These companies were significantly influenced by the construction of the 'Electric Vehicle Battery Sharing Station' in Gyeongju. The project, supervised by the Ministry of 
Trade, Industry and Energy, is expected to serve as a platform for fostering the mobility industry and technological development. The sharing station is a system where users can swap and install pre-charged 
batteries instead of charging them directly, allowing for the development and demonstration of component evaluation, standardization, battery lifecycle technologies, etc. A Gyeongju city official stated, "As 
investments from these companies continue, we plan to establish a production base for Gyeongju-style personal mobility." Gyeongju, the thousand-year-old capital of Silla, is gaining attention as a 'personal mobility city.'

With high demand for personal mobility to tour major tourist sites and the dense presence of over 700 automotive parts companies, it is evaluated as an optimal location for nurturing the personal mobility industry.

According to Gyeongju City, since Mayor Joo Nak-young took office in 2018, a total of eight personal mobility-related companies have signed investment agreements with the city, amounting to 155.2 billion KRW.

Gyeongju City has also been making solid progress in infrastructure. A notable development is the construction of an electric vehicle battery sharing station. With the recent selection in the Ministry of Industry’s 
public offering, Gyeongju City will invest a total project cost of 42.3 billion KRW, including national funds of 26.8 billion KRW, to build an electric vehicle battery sharing station in the Gueo 2 General Industrial 
Complex in Gyeongju over the next five years.

This will help overcome hurdles to electric vehicle commercialization such as short driving range (40-50 km), excessive charging time (4-5 hours), and lack of charging infrastructure, and establish a foundation for domestic material part production. Battery sharing stations are a rapidly growing sector in overseas markets as well. For instance, Taiwan's Gogoro has grown into a leading sharing station company, owning 
2,080 battery sharing stations and 760,000 batteries, supporting more than 270,000 battery exchanges daily.

Moreover, the Ministry of Industry plans to invest a total of 25.2 billion KRW over the next five years to achieve domestic production of personal mobility. The government's will to improve the situation, where most of the core parts of personal mobility are made in China, to enhance domestic industry's competitiveness, is working as a good news for investment in Gyeongju.

Additionally, the construction of the Advanced Material Forming and Processing Center for Vehicles and Carbon Material Parts Recycling Center in Gyeongju will also promote the transition of material part 
companies to future car industries, which is considered another attractive investment factor.

In 2018, Gyeongju City was the first in the nation to establish the 'e-Mobility Industry Attraction Team,' a strategy that has proved effective in attracting investment. Mayor Joo saw Gyeongju as the optimal location for the 'mobility industry' for fostering new growth and restructuring the industrial structure, so he set up a team to attract related companies. Through this, Mayor Joo has attempted to shift local auto parts 
companies to eco-friendly mobility industries and made attracting mobility companies a priority for activating the tourism industry through carbon neutrality.

The market size of electric bicycles, expected to reach 600 billion KRW this year and sales reaching 200,000 units, is rapidly growing every year, which is also working as good news for Gyeongju.

Ultimately, the strategy of Gyeongju City, which can actively utilize personal mobility at major tourist sites and the fact that there are many auto parts manufacturers, is fitting well, leading to a conclusion that 
investments from related companies are leading to Gyeongju.

Mayor Joo Nak-young of Gyeongju City said, "We will strive to attract excellent companies and create jobs through demonstrations, assembly, and production of personal mobility, aiming for domestic and foreign exports," and added, "We will do our best to establish Gyeongju as a leading city for personal mobility." 
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