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[FDI Intelligence Feb-Mar edition] South Korea Eyes Free Economic Zone Opportunities
Hub creation For example, the Ulsan FEZ majors on the hydrogen industry. It is the manufacturing base for Hyundai Motors, which built the world’s first hydrogen-powered car back in 2013. Today, Ulsan produces 820,000 tons of hydrogen fuel alone, which is half of South Korea’s total hydrogen fuel produc- tion. It now aims to become an energy hub for Northeast Asia to support the growth of the hydro- gen industry. Among the rollcall of organisations that have set up base here are hydrogen research institutions such as Ulsan National Institute of Science and Technology, the Hydrogen Fuel Cell Demonstration Center and the Korea Institute of Energy Research. Additionally, Hyundai Mobis is investing US$255m in building a fuel cell factory for hydrogen-pow- ered vehicles by late 2022.
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