Fort Saskatchewan, Alberta, Canada – Alberta’s Industrial Heartland Association (AIHA) and South Korea’s Ulsan Free Economic Zone Authority (UFEZA) have signed a Memorandum of Understanding (MOU) to foster bilateral cooperation and economic growth between two of the world’s leading industrial regions. The signing ceremony took place on November 25 in Fort Saskatchewan, Alberta, Canada.
The agreement marks a significant step forward in strengthening economic ties between Canada and South Korea, focusing on key areas including hydrogen development, battery value chain, and clean chemical developments.
“This partnership between Alberta’s Industrial Heartland and Ulsan Free Economic Zone Authority represents a milestone in international industrial cooperation,” said Mark Plamondon, executive director of Alberta’s Industrial Heartland Association. “By combining our strengths in energy, petrochemicals, and sustainability technology, we’re creating new opportunities for investment and innovation in both regions.”
The MOU establishes a framework for:
- Joint research and development initiatives
- Knowledge sharing and technical expertise exchange
- Collaboration on low-carbon industrial development and a hydrogen economy
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This agreement marks a significant step forward, and there is strong anticipation for the exchange of successful investment attraction cases in the clean energy sector, particularly in hydrogen, as well as for the advancement of collaborative efforts in the sustainable industry development,” said Kyungsik Lee, Commissioner of Ulsan Free Economic Zone Authority.
Ulsan, known as South Korea’s industrial powerhouse, and Alberta’s Industrial Heartland, Canada’s largest hydrocarbon processing region, share complementary strengths in industrial development and innovation. This agreement leverages these synergies to accelerate economic growth and technological advancement in both regions.
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About Alberta’s Industrial Heartland Association
Alberta’s Industrial Heartland is Canada’s largest hydrocarbon processing region, covering 582 square kilometers within the Edmonton Metropolitan Region. The region is home to over 40 companies and more than $45 billion in existing capital investment. Alberta’s Industrial Heartland Association is the non-profit business development organization for the region. Learn more at alanay17.sg-host.com.
About Ulsan Free Economic Zone Authority
The Ulsan Free Economic Zone is a key industrial hub in South Korea, specialized in automotive, shipbuilding, petrochemicals, and emerging green industries. The zone offers strategic advantages for international businesses seeking to establish operations in Northeast Asia.