Gwangyang Economic Zone Authority Announces 2020 Business Establishment Survey Results

Overall Economic Indicators Rise Despite COVID-19

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak) announced on the 13th that according to the "2020 GFEZ Business Survey," the number of resident businesses increased by 8.5% compared to 2019, and the number of employees rose by 0.5%, indicating an overall improvement in economic indicators.

From May 14 to August 31 this year, a survey was conducted on 89 items including general business status, employment status, sales, and management conditions targeting businesses with five or more employees and foreign-invested companies with one or more employees within the Gwangyang Bay Area Free Economic Zone.

Specifically, the number of resident businesses increased by 55 to a total of 701, an 8.5% rise compared to 2019, and the number of employees increased by 79 to 16,939, a 0.5% increase.

Sales for the year 2020 amounted to 8.0992 trillion KRW, an increase of 70.8 billion KRW (0.9%) compared to 2019. On the other hand, logistics companies decreased by 19 to a total of 115, a 14.2% decline compared to last year, leading to a reduction in handled cargo volume.

Although comprehensive economic indicators showed an overall upward trend compared to 2019, the growth rate significantly slowed due to the impact of COVID-19, with a particularly notable decline in the logistics sector.

Jung Jong-seok, Head of Investment Planning at the Gwangyang Economic Authority, stated, “We plan to use the business survey as basic data for developing GFEZ policies, non-face-to-face investment attraction strategies, and establishing practical corporate support measures.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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