SK Chemicals had also signed a similar recycling agreement with Gunsan City in August last year. Under this agreement, Seoul City will establish a centralized collection system for waste banners centered around the Seoul Resource Center (SR Center) and supply the collected banners to SK Chemicals. SK Chemicals will utilize its high-value mechanical recycling (compounding) and advanced circular recycling technologies to transform these waste banners into reusable materials. Starting with the signing ceremony, Seoul City and SK Chemicals plan to begin collecting and supplying waste banners in the second half of this year. They also aim to establish the institutional and financial framework required to achieve 100% recycling of waste banners by next year. The initiative will first launch in Yongsan-gu this year, subsequently expanding to other districts.