The 111th Gwangyang Economic Free Zone Association Meeting Held

Deliberation on the Economic Zone Authority's Regulation Amendments and the 1st Supplementary Budget Proposal

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] The Gwangyang Bay Area Free Economic Zone Association Meeting (Chairman Kim Gil-yong, Provincial Assembly Member) announced on the 20th that it held the 111th Association Meeting temporary session on the 17th at the Gwangyang Free Economic Zone Authority Situation Room.

At this temporary session, the meeting deliberated and approved partial amendments to the public official service regulations, which are the economic authority association regulations, the establishment of the Information Disclosure Deliberation Committee operation regulations, and the first supplementary budget for 2020, increasing the budget by 890 million KRW.

Chairman Kim Gil-yong said, “Due to ‘COVID-19,’ which is spreading not only domestically but globally, some resident companies within the Free Economic Zone are facing difficulties,” and added, “Let us cooperate to revitalize the Gwangyang Bay Area economy through multifaceted support by identifying the difficulties of these companies by sector.”

In particular, regarding the supplementary budget proposal that included the research service fee for attracting foreign educational institutions to the Shindae District, nine committee members heated the meeting room with in-depth questions and suggestions beyond expert level based on their experience and insight.

Committee member Choi Mu-kyung from Yeosu proposed increasing the service fee by about 300 million KRW to derive systematic and practical service results and requested dedicated efforts, noting that it takes about 2 to 3 years to establish one department based on cases from domestic universities.

Committee member Im Jong-gi from Suncheon said, “The attraction of foreign educational institutions to the Shindae District is originally related to the purpose of Shindae District development,” and added, “It should be promoted with a new mindset after sufficient review in line with the intent.”

Vice Chairman Lee Jeong-hoon from Hadong emphasized, “Regarding the development of the Hadong District Daesong Industrial Complex, investment attraction should be activated through industry diversification, such as designating some areas as foreign investment zones.”

Director Kim Gap-seop said, “Although the domestic and international conditions are not easy now, we will actively attract leading global secondary battery companies and component material downstream companies by promoting the additional designation of the Se-pung Industrial Complex Phase 1 rear complex.”

Meanwhile, the Economic Authority plans to do its best to attract foreign educational institutions linked to regional strategic industries in the Shindae District, aiming for opening in 2024.

This content was produced with the assistance of AI translation services.