It is a welcome development for both the city and the country, where the world’s lowest birth rates and an ageing population are a long-term threat to economic growth.
A South Korean city, home to one of the world’s biggest steelmakers, is betting its manufacturing expertise, plus billions of dollars in investments and government incentives, can help it dominate a 21st-century industry: electric vehicle (EV) batteries.
Companies in the south-eastern hub of Pohang — famous for Posco Holdings steel mills and one of the country’s elite universities — are aggressively building out EV battery campuses as carmakers hurry to find reliable suppliers outside China. Three South Korean giants in the global battery market — LG Energy Solution, Samsung SDI and SK On — have promised 40 trillion won ($40.9 billion) in domestic investments with their local suppliers.
