17th Anniversary of the Opening of Gwangyang Bay Area Free Economic Zone Authority

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seonsik] The Gwangyang Bay Area Free Economic Zone Authority in Jeonnam marked its 17th anniversary on the 24th.

Since its establishment in 2004, the Gwangyang Economic Authority has played a role as a pillar of development for Jeonnam and Gyeongnam by creating jobs and revitalizing the regional economy through investment attraction and development projects. As a result of these efforts, over 17 years, it has attracted 403 companies, investments totaling 21.257 trillion KRW, and created more than 47,000 jobs.

Despite the unprecedented difficult conditions caused by the COVID-19 pandemic, which intensified since last year, the authority continued to push forward the Cheonwoo Sinjo project, achieving investment attraction from 43 companies worth 725.7 billion KRW and creating employment for about 1,300 people.

In particular, the Sepung Industrial Complex is being developed as a hinterland complex linked to regional strategic industries such as job creation and secondary battery material industries. To this end, 410,000㎡ was newly designated as a land port area, and through customized industrial complex supply such as relocating industries in the Haeryong Industrial Complex, a foundation for blue economy growth is being established.

Additionally, centered on POSCO Chemical, the Gwangyang Bay Area is being fostered as a hub for the secondary battery material industry. So far, a factory with an annual production capacity of 30,000 tons of cathode materials has been completed in the Yulchon Industrial Complex.

Going forward, the production capacity will be continuously expanded, and the largest domestic cathode material production base with a capacity of over 100,000 tons is planned to be established in the Gwangyang Bay Area.

The Blue Tour new growth tourism belt is also gaining momentum. First, the Yeosu Gyeongdo district plans to be developed into Asia’s top marine tourism complex with a large-scale investment of about 1.5 trillion KRW.

Along with site preparation, construction and access road work will begin within this year. The Hwayang district is also set to actively promote a beach condo construction project worth 124 billion KRW.

As of this month, 14 out of 17 complexes under the Gwangyang Economic Authority are either completed or under development, showing a development rate of 80.5%.

To foster future new growth industries such as chemical industry advancement, secondary battery clusters, and hydrogen industries, Sepung Industrial Complex, Yulchon 2nd Industrial Complex, and Haeryong Industrial Complex will be developed as customized industrial complexes to meet corporate demand, supplying industrial land of 4.29 million pyeong by 2030.

Yoo Hyunho, Head of Investment Attraction Headquarters, said, “We plan to expand on-site communication to resolve difficulties between investors and local residents during industrial and tourism site development and company settlement processes. We will also diligently prepare the ‘GFEZ 2030 Plan’ to foster the Gwangyang Bay Area as a realization of the blue economy and a global new growth hub.”

Meanwhile, to comply with quarantine guidelines such as social distancing due to COVID-19, the Gwangyang Economic Authority held no separate anniversary ceremony but awarded commendations to 13 individuals who contributed to industrial complex construction and investment attraction activation, and held a forum on issues such as attracting medical institutions to the Suncheon Sindae district.

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