Gwangju-si Pyeongdong 3rd Industrial Complex Corporate Investment Booms... Economic Revitalization 'Green Light'

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] The Pyeongdong 3rd General Industrial Complex in Gwangju Metropolitan City has seen a green light for revitalizing the local economy due to a series of investment enthusiasm from companies.

Gwangju City announced on the 11th that actual investments are being made by 20 companies that signed investment MOUs in the Pyeongdong 3rd Industrial Complex, which is scheduled for completion next month.

Energy companies Areumdaun Donghaeng Co., Ltd., New Green Korea Co., Ltd., and kimchi industry company Ttrechan Co., Ltd. have completed their move-in, while seven companies including the overseas return company Daeyoung Electronics Co., Ltd. are building factories. Ten companies, including air industry company Jointree Co., Ltd., have purchased factory sites and are preparing to construct factories.

Once these companies complete their factories in the Pyeongdong 3rd Industrial Complex, it is expected to create about 600 jobs and attract investments of 150 billion KRW, revitalizing the local economy.

In particular, the Pyeongdong 3rd Industrial Complex plans to invest a total of 500 billion KRW by 2027 to establish an eco-friendly air industry cluster. This year, investment agreements were signed with seven air industry companies, and among them, three companies have already completed land purchases, with continued investment inquiries from air industry companies.

Despite the COVID-19 situation, the investment enthusiasm of these companies is seen as a gradual result of Gwangju City's efforts to create a ‘business-friendly and investment-friendly environment.’

Gwangju City’s changed investment environment, including the groundbreaking of the Gwangju Global Motors automobile factory, a labor-management win-win Gwangju-type job company, the creation of an AI-centered industrial convergence complex, and designation as an economic free zone, is attracting companies. Even amid the COVID crisis, in the first half of this year alone, MOUs for investment attraction were signed with 31 companies for investments of 118.1 billion KRW and the creation of 798 jobs.

Joo Jae-hee, head of the city’s Investment Attraction Division, said, “In a situation where corporate investments are shrinking due to the global economic crisis caused by COVID-19, the continuous investments by companies have become an opportunity to confirm the competitiveness of Gwangju’s investment environment,” adding, “We will attract excellent companies to help create jobs and revitalize the local economy.”

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