Gwangyang Bay Area Free Economic Zone, Advanced Material Companies Gradually Entering Sepung Industrial Complex

Expectations for Job Creation and Regional Economic Revitalization with 84.2 Billion KRW Investment Attraction in Functional Chemicals Related Companies

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority announced on the 10th that it has attracted investments worth 84.2 billion KRW from four companies in the functional chemical advanced materials sector to the Sepung Industrial Complex this year. With the designation of the Gwangyang Port hinterland site in Sepung Industrial Complex approaching, inquiries from advanced materials companies seeking large-scale investments continue to come in, raising expectations for attracting many chemical-related companies in the future.

The companies that decided to move in stated that they were attracted by the convenient industrial conditions such as the chemical expert network in the Gwangyang Bay area and the Korea Testing & Research Institute (KTR), which supports process verification for original technology development and commercialization. As the functional chemical sector is an advanced industry, it is expected to greatly contribute not only to the creation of high-quality jobs but also to the revitalization of the local economy.

The Gwangyang Sepung Industrial Complex is being developed as an optimal port hinterland site for fostering new growth engine industries in the Gwangyang Bay area, such as functional chemicals, secondary batteries, and mobility industries, by investing a total of 545.8 billion KRW in a 2.42 km² site adjacent to Gwangyang Port. Among these, 410,000 m² will be supplied on a lease basis to export-oriented manufacturing companies.

Despite the significant decline in investment sentiment due to COVID-19 last year, the Gwangyang Economic Authority succeeded in attracting investments from 43 companies worth 725.7 billion KRW, creating 1,314 jobs. This year, it is accelerating investment attraction with the goal of attracting 50 companies and 2 trillion KRW in investments to create 1,500 jobs.

A representative of the Gwangyang Economic Authority stated that they will strengthen cooperation systems with related organizations such as Jeonnam Technopark, Korea Testing & Research Institute, and Root Technology Support Center located within the Gwangyang Bay area industrial complex. They also plan to appoint additional chemical-related expert advisors with many years of experience working in chemical companies to ensure that the current interest leads to actual investments.

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