Gwangyang Bay Area Free Economic Zone Authority Launches Hydrogen Industry Investment Attraction Initiative

November Joint Project Launch with Korea Trade-Investment Promotion Agency (KOTRA)

Establishing Regional Customized Hydrogen Industry Infrastructure and Corporate Attraction Strategy

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Chairman Song Sang-rak, hereinafter Gwangyang Economic Authority) announced on the 22nd that it held a kickoff briefing session for the "Establishment of a Hydrogen Industry Infrastructure and Corporate Attraction Strategy in the Gwangyang Bay Area" project on the 19th at the Korea Trade-Investment Promotion Agency (KOTRA) conference room.

This project will be conducted jointly with KOTRA over six months, and about 10 officials from the Gwangyang Economic Authority, Ministry of Trade, Industry and Energy, KOTRA, and POSCO Management Research Institute attended the briefing session.

The limited liability company Eon, entrusted with the project, is one of the few domestic investment attraction consulting firms that has been continuously supporting the Ministry of Trade, Industry and Energy's overseas corporate investment attraction IR by investigating overseas corporate investment attraction trends and establishing strategies for over 10 years, and has an extensive proprietary network abroad.

Through this project, the Gwangyang Economic Authority plans to establish a hydrogen cluster model in the Gwangyang Bay Area in line with the government's "2050 Hydrogen Economy Activation Roadmap," create investor-tailored proposals, and take the lead in attracting domestic and international anchor companies for each hydrogen value chain.

If the Gwangyang Bay Area is reborn as a hydrogen production base, it will contribute to achieving the government's roadmap target for hydrogen production methods (1.94 million tons/year in 2030 → 5.26 million tons/year in 2050). Furthermore, it is expected to promote the overall industrial development, including inducing advanced technology transfer through domestic and international joint investments in fuel cells and transportation sectors, and the ripple effects on hydrogen economy-related downstream industries.

Meanwhile, at the end of last October, the Jeonnam Province Energy Industry Bureau held the first meeting of the "Jeonnam Hydrogen Industry Promotion T/F Team" to review the government's hydrogen industry policy direction, share key projects by departments and related organizations, and establish a promotion strategy and collaboration system for Jeonnam Province.

Song Sang-rak, Chairman of the Gwangyang Economic Authority, said, "We will establish the Gwangyang Bay Area as a representative region for Korea's hydrogen industry by attracting excellent related companies, thereby contributing to regional economic development through the influx of specialized personnel and technology and increased cargo volume at Gwangyang Port."

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

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