Jeonnam Province Signs Investment Agreement Worth 2.1754 Trillion Won This Year

34% Increase Compared to the Same Period Last Year

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province announced on the 20th that as of this month, it has signed investment agreements worth 2.1754 trillion KRW with 78 companies this year.

This represents a 34% increase compared to the same period last year, despite difficult investment conditions caused by the economic downturn due to COVID-19.

The province recently attracted an investment of 1.3 trillion KRW from Hanyang Co., Ltd. for the construction of the Yeosu Myodo LNG terminal, and plans to sign a large-scale investment agreement worth 600 billion KRW with Yulchon Clean Energy Co., Ltd. next month.

In particular, amid the global pandemic situation caused by COVID-19, the province plans to focus its investment capabilities on six major industrial sectors, including biopharmaceuticals, to proactively respond to future economic trends and government industrial policies (such as the Korean New Deal).

Additionally, to attract large-scale leading companies with significant industrial ripple effects, such as reshoring companies (returning companies), the province will drastically revise subsidy incentives to proactively respond to attraction activities in the post-COVID-19 era.

Baek Taek-hyu, Head of Jeonnam Province's Job Policy Headquarters, said, "Even during the COVID-19 situation, we have been conducting thorough investment attraction activities through various non-face-to-face methods such as phone calls and SNS," and added, "We will continue to do our best to attract large and medium-sized enterprises centered on future promising industries by utilizing regional comparative advantage resources in line with government policies, industrial trends, and investment trends after COVID-19."

Meanwhile, Jeonnam Province has been conducting attraction activities since July 2018 with the goal of attracting 1,000 companies over four years to create jobs through investment attraction during the 7th local government term. As of May this year, it has attracted 508 companies (14.4 trillion KRW).

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