Jeonnam Province on Track to Achieve Goal of Attracting 1,000 Companies During 7th Elected Term

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province has attracted 677 companies so far during the 7th local government term, moving one step closer to achieving its goal of attracting 1,000 companies.

Jeonnam Province announced on the 15th that despite the COVID-19 situation this year, it signed investment agreements with 245 companies as of last month, bringing the total to 677 companies and agreements worth 18.8 trillion won during the 7th local government term.

Although companies have faced management difficulties due to COVID-19 this year and in-person investment briefings were challenging, continuous explanations of Jeonnam's investment attractiveness through non-face-to-face (Ontact) investment briefings, small-scale meetings, phone and video consultations led to the signing of agreements.

In particular, the first non-face-to-face (Ontact) investment briefing held during the COVID-19 situation was successful by informing about investment conditions and incentives for companies in various fields such as biopharmaceuticals, new energy industries, secondary batteries, and knowledge information culture industries, and by enhancing corporate satisfaction through real-time communication among the province, companies, and participants.

Additionally, in line with the changed industrial trends and government policies during the COVID era, Jeonnam proactively established an unprecedented incentive system supporting up to 100 billion won to attract large-scale domestic and foreign companies focused on advanced manufacturing industries such as bio and energy, further strengthening its investment attraction competitiveness over other provinces.

Going forward, the province plans to not only achieve the goal of attracting 1,000 companies during the 7th local government term but also to utilize major projects such as the Korean New Deal and Clean Jeonnam Blue Economy to conduct detailed industry analyses, select target companies, and focus on attracting future-oriented advanced industries such as energy, bio, and drones.

Bae Taekhyu, Head of Jeonnam Province's Job Policy Headquarters, said, “Due to the prolonged COVID-19 pandemic, investment attraction is difficult as companies’ investment contractions deepen. We will create future new growth industry momentum by attracting large-scale investment companies focused on advanced industries through investment activities utilizing Jeonnam’s comparative advantage resources and the expanded and reorganized incentive system.”

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