Gwangju Free Economic Zone Authority and 8 Domestic Companies Sign Investment Agreement

Total Investment of 53.5 Billion KRW and Expected Employment Creation Effect of Over 220 People

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] The Gwangju Free Economic Zone Authority (hereinafter Gwangju FEZA) announced on the 25th that it has signed investment agreements (MOU) with eight domestic companies, totaling 53.5 billion KRW in investment and creating about 220 jobs.

The signing ceremony was attended by Mayor Lee Yong-seop, representatives of the eight contracting companies, Kim Jin-cheol, head of Gwangju FEZA, and Kim Sang-mook, president of the Kim Dae-jung Convention Center.

The companies signing the investment agreements are ▲Lara Station Co., Ltd. ▲World Costech Co., Ltd. ▲Hogreen Air Co., Ltd. ▲Corid Energy Co., Ltd. ▲Shinkwang Medical Co., Ltd. ▲Samjin Energy Co., Ltd. ▲Eco Factorial Co., Ltd. ▲Sambu Steel Co., Ltd., eight companies engaged in new industry fields such as live commerce, artificial intelligence (AI) solution R&D centers, redox flow battery research and production facilities, AI-based digital medical diagnostic devices, and stack production for water drones.

Lara Station Co., Ltd. is an innovative growth venture company in the rapidly growing live commerce (interactive mobile home shopping) sector, especially popular among younger generations.

Amid the expansion of the non-face-to-face Ontact market due to COVID-19 and the growing live commerce market size, Lara Station is leading the establishment of the live commerce ecosystem by building its own studio and providing a one-stop service covering product planning and purchasing, broadcast production, and delivery.

Through this agreement, Lara Station plans to open an LVS (Live Commerce Full Value Station) equipped with a studio, academy, and product exhibition hall at the Kim Dae-jung Convention Center in May, and also promote the establishment of a live commerce AI solution R&D center in the AI Convergence District of the Free Economic Zone.

World Costech Co., Ltd., a high-functionality natural cosmetics manufacturer located in Jangseong, Jeollanam-do, is a leading company in next-generation cosmetics using AI big data-based genomics for customized skin diagnosis and plans to establish a research institute in the AI Convergence District.

Hogreen Air Co., Ltd. is a drone and hydrogen fuel cell manufacturer possessing drone control technology based on 5G/LTE mobile communication networks that allow remote control without distance limitations. By integrating hydrogen fuel cell technology from the UK’s Intelligent Energy into drones to enable long-duration flights, the company is expanding its business domain beyond Korea to overseas markets with advanced technology in the zero-emission hydrogen power generation system field.

Corid Energy Co., Ltd., located in Yongin, Gyeonggi-do, is an R&D company for redox flow batteries (RFB) used in energy storage systems (ESS) and holds outstanding technology in the core component stack field. It is preparing for mass production by utilizing infrastructure such as the Redox Flow Battery Certification Center of the Korea Electrotechnology Research Institute in Gwangju Energy Valley and Korea Electric Power Corporation, along with constructing a factory.

Shinkwang Medical Co., Ltd. is promoting technology sharing with the Korea Photonics Technology Institute to advance production technology for LEDs and ultraviolet lamps used in thermal therapy devices.

Samjin Energy Co., Ltd. and Eco Factorial Co., Ltd. are preparing to develop and produce high-efficiency power conversion devices and solar power generation systems used in photovoltaic power plants, while Sambu Steel Co., Ltd. is a land-based metal aggregate structural material manufacturer expected to contribute to regional economic revitalization through networks with seven major domestic steelmakers and key construction companies.

Since the launch of the 7th local government, Gwangju has been striving to create differentiated infrastructure and investment environments such as the Gwangju FEZA, Korea’s only AI Free Economic Zone, the National AI Cluster, and AI Data Center, aiming to become an “AI-centered city.”

Following the success of the world’s first labor-management win-win job model, the Gwangju-type job, the city is accelerating the creation of a future car parts cluster through the Season 2 project, with continuous investments from companies in related fields such as AI, future automobiles, and eco-friendly energy.

Gwangju City and Gwangju FEZA plan to continue actively supporting the creation of an environment favorable for investment and business to enable Gwangju’s new leap forward and regional economic revitalization.

Mayor Lee Yong-seop said, “The companies that decided to invest in Gwangju this time aim to strengthen their production and R&D capabilities for market-friendly new technology products by utilizing Gwangju’s differentiated infrastructure and ecosystem as an AI-centered city,” adding, “We will actively support them so that they can have confidence that investing in Gwangju will surely lead to success.”

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