Hyosung launches its regen® ″Recycle Project” in Seoul following the project’s success in Jeju Province
Green Partnerships | February 2, 2021
MOU Execution with the SMG to Promote the ″Regen Seoul″ Project
Hyosung signed an MOU with the Seoul Metropolitan Government (SMG) and the district offices of Geumcheon, Yeongdeungpo and Gangnam on January 28, 2021, to promote the ′regen®seoul′ project whereby Hyosung will produce eco-friendly fibers from recycled transparent PET bottles collected by the local governments.
Amid the COVID-19 pandemic, plastic consumption is on the rise in households due to increased food delivery, among others. The price of waste plastics has dropped, aggravating difficulties faced by the relevant industry. The SMG has had to find solutions to the issue.
Hyosung and the SMG have concurred that a fundamental policy change is needed when it comes to resource circulation and agreed to join forces to promote a project aimed at recycling waste plastics into high-value-added fibers.
The agreement stipulates: (1) The SMG shall promote the separate discharge of transparent waste PET bottles through Geumcheon-gu, Yeongdeungpo-gu, and Gangnam-gu offices; (2) Hyosung TNC shall produce′ Regen Seoul,′ a recycled polyester fiber, by turning the waste bottles into high-quality flakes (crushed plastic bottle pieces); and (3) PLEATSMAMA, an eco-friendly fashion startup with win-win partnership with Hyosung, shall use Regen Seoul to produce and sell eco-friendly bags and clothing.
The latest development is of great significance in that Hyosung TNC′s eco-friendly fiber business project has laid the foundation for nationwide expansion in Korea at the beginning of 2021 on the heels of its successful launch in Jeju in 2020.
In February 2020, Hyosung joined hands with Jeju Special Self-Governing Province, Jeju Development Corporation, and PLEATSMAMA to launch the ′Return for Rebirth′ project whereby recycled Samdasoo PET bottles are transformed into the ′regen®jeju′ fibers which in turn are used to manufacture eco-friendly bags and clothing.
PLEATSMAMA′s eco-friendly products made of ′regen®jeju′ have gained great popularity from consumers since the outset. Regen Jeju is planning to launch a series of new projects in 2021 including those to introduce eco-friendly clothing and accessories in collaboration with the outdoor brand The North Face.
Hyosung and the SMG have set a goal of producing 100 tons of ′regen®Seoul′ during the first half of 2021. The production quantity will increase as more districts participate in the efforts to recycle transparent PET bottles through the separate discharge of the bottles.
Hyosung will review various ways to create demand for its products in the public sector of the capital city. Hyosung will also strive to foster eco-friendly ventures and startups, including PLEATSMAMA, as a fundamental way to expand the market of eco-friendly products, as well as help the companies launch new products.
″Regen has established itself as the standard for eco-friendly business in Korea″, said Hyosung Chairman Cho Hyun-joon. “I am proud that Hyosung′s Regen Project has established itself as the standard for the country′s eco-friendly recycled fiber market. We will join forces with local governments across the country not only to expand the recycle project, but to also bolster the scope and size of the market by strengthening eco-friendly management throughout our entire business portfolio.”