Gwangyang-si, 700 Billion Won Scale Oracle Data Center Investment Agreement

Employment of Over 200 People by 2030 at Hwanggeumsandan 105,563㎡

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Gwangyang City in Jeollanam-do announced that it has attracted the 'Oracle Cloud Data Center' to the Hwanggeum Industrial Complex, accelerating the fostering of future new industries.

On the 9th, the city signed a large-scale investment agreement (MOU) worth 700 billion KRW with Jeollanam-do, Gwangyang Bay Area Free Economic Zone Authority, Oracle Korea Co., Ltd., and Maston Investment Management Co., Ltd. at the Seo Jae-pil Room of Jeollanam-do Provincial Office.

The signing ceremony was attended by Kim Young-rok, Governor of Jeollanam-do; Kim Kyung-ho, Deputy Mayor of Gwangyang; Song Sang-rak, Head of Gwangyang Bay Area Free Economic Zone Authority; Song Seung-yeon, President of Oracle Korea Co., Ltd.; Kim Dae-hyung, CEO of Maston Investment Management Co., Ltd.; and representatives from partner companies including KT, POSCO Construction, POSCO ICT, and LS ELECTRIC.

According to the agreement, Oracle Korea Co., Ltd. and Maston Investment Management Co., Ltd. will build and operate a cloud data center on 105,563㎡ of Block C in the Hwanggeum Industrial Complex, and will strive to secure future tenants and hire about 200 new employees.

Gwangyang City, Jeollanam-do, and Gwangyang Bay Area Free Economic Zone Authority will actively provide administrative and financial support to ensure the smooth progress of the Oracle Cloud Data Center construction.

The cloud data center is a core infrastructure in the big data era and an essential facility for managing large volumes of data due to the expansion of advanced technologies such as cloud computing, big data, and the Internet of Things (IoT).

With the passage of the 「Data Basic Act」 in the National Assembly plenary session last September, a legal foundation for the development of the data industry has been established to promote the production, trade, and utilization of private data.

Kim Kyung-ho, Deputy Mayor of Gwangyang, said, "We thank Oracle Korea Co., Ltd. and Maston Investment Management Co., Ltd. for deciding to invest in Gwangyang, a 'business-friendly city.' Despite the challenging domestic and international economic environment, we will do our best to support their success."

Meanwhile, as of November 9, Gwangyang City has attracted investments of 1.7465 trillion KRW from 18 companies and created 1,045 jobs, and is striving to achieve this year's goal of attracting 30 companies and 1.5 trillion KRW in investments.

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

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