Gwangyang Economic Zone Authority Holds Meeting with Foreign-Invested Companies

Introduction to Changes in Foreign Investment Policies and Exchange of Institutional Suggestions

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter GFEZ Authority) announced on the 26th that it held the "2021 GFEZ Foreign Investment Companies Meeting" at the Gwangyang Rakhee Hotel.

The meeting for foreign-invested companies (hereinafter foreign investment companies) was attended by representatives from 12 foreign investment companies including HAM, Gwangyang Aluminum, GSDK, POSCO HY Clean Metal, as well as about 30 officials from related organizations such as Gwangyang City, Gwangyang Customs, Yeosu Immigration Office Gwangyang Branch, and Yeosu Gwangyang Port Authority.

At the meeting, the GFEZ Authority introduced recent changes in foreign investment policies, including the current status of industrial complex development, reinvestment of retained earnings by foreign investment companies, cash support policies, preferential immigration treatment for foreign investment company executives and employees, and eligibility for permanent residency application for executives and employees of foreign investment companies investing over USD 5 million.

Until now, domestic foreign investment companies faced difficulties in domestic reinvestment as reinvestment of retained earnings was not recognized as foreign investment. However, since August last year, institutional improvements have been made, such as recognizing reinvestment of retained earnings as foreign investment. In addition, information was provided on cash support industries, support items, total support amount, and application procedures to overcome the decline in foreign investment caused by the COVID-19 pandemic.

Representatives of the attending foreign investment companies said it was a beneficial time not only to understand policy changes, export-import and immigration matters, and subsidy support but also to exchange with related organizations.

Song Sang-rak, Commissioner of the GFEZ Authority, said, "We held this meeting because it is necessary to provide detailed information on support policies to foreign investment companies, and we will do our best to support foreign investment companies so that they can manage their businesses without inconvenience in the Gwangyang Bay Area Free Economic Zone."

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

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