Gwangyang Economic Zone Authority Commits to Attracting Investment from 50 Companies This Year

Focused on Secondary Battery Materials and Functional Advanced Materials, Full Effort to Expand Non-Face-to-Face Attraction Activities

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seonsik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Kim Gapseop) announced on the 17th that it will actively engage in strategic investment attraction activities this year to attract 50 companies (KRW 2 trillion) and create 1,500 jobs by expanding non-face-to-face activities such as online investment attraction and utilizing domestic and international economic organization networks in response to the global COVID-19 pandemic.

Last year, through the Cheonwoo Sinjo Project, 859 potential investment companies were identified, and 43 companies (KRW 725.7 billion) realized investments, creating 1,341 jobs.

POSCO Chemical completed the second phase of its secondary battery cathode material production plant and has started the third phase, while Sepung Industrial Complex was newly designated as a 410,000㎡ port hinterland site.

Haeryong Industrial Complex achieved a 77% sales rate through industrial land reorganization and business type changes.

As a result of efforts to revitalize investment attraction in the Hadong district, two companies signed sales contracts in Daesong Industrial Complex, and the Doo Leisure Complex selected a preferred negotiation partner through a public offering for the development project implementer.

This year, non-face-to-face investment attraction activities will continue targeting 859 potential investment companies identified through the Cheonwoo Sinjo Project, and investment attraction from companies located in the metropolitan area will be strengthened through the operation of the Seoul office.

The core strategies of Gwangyang FEZ are: first, to focus all efforts on attracting anchor large corporations specializing in functional advanced materials and to promote investment attraction activities targeting 87 convergence companies linked with the Korea Chemical Convergence Testing Institute.

Second, to attract secondary battery companies by initiating the fourth phase of cathode material construction and inducing additional investments from POSCO battery material component-related companies such as precious metal extraction facilities and lithium production plants.

Third, to promote a service to discover manufacturing companies that generate cargo self-sufficient logistics volume, attracting logistics and manufacturing companies capable of generating large-scale cargo volumes such as functional chemicals, consumer goods, and e-mobility manufacturers.

Fourth, to explore investment attraction plans for steel companies through expert group meetings and consultations in the steel and e-mobility industry sectors, and actively identify foreign potential investment companies by utilizing FTA platforms and online investment briefings.

Lastly, continuous investment inducement will be made through email, phone, and on-site consultations with 90 promising potential investment companies including Aibechual, and cooperation will be pursued with related institutions in the food sector to ensure investments from export companies.

Additionally, to establish a foundation for corporate attraction by expanding industrial complex supply within the zone, Haeryong Industrial Complex will develop additional undeveloped land to supply 610,000㎡ of industrial facility land by 2023, and Hwanggeum Industrial Complex plans to complete the development of 770,000㎡ of logistics and manufacturing complex land by this year.

Furthermore, Sepung Industrial Complex will complete 410,000㎡ of port hinterland land by next year to create and supply cargo-generating port hinterland complexes, and plans to expand an additional 660,000㎡.

Moreover, by visiting tenant companies on-site to promptly address difficulties, support will be provided to ensure smooth business operations, and to prevent environmental pollution and accidents, a training program for environmental management professionals will be operated to enable businesses to autonomously monitor environmental conditions and check compliance with environmental regulations.

Kim Gapseop, Commissioner of the Gwangyang Economic Authority, stated, “Despite the difficulties in corporate management due to the prolonged COVID-19 pandemic, the KOSPI market surpassed 3,000 points, making new history, with innovative venture companies at its core. We will do our best to contribute to regional economic revitalization and job creation by attracting innovative venture companies within the Gwangyang Bay Area through expanded non-face-to-face investment attraction activities such as online and network methods.”

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