Gwangyang Economic Authority Holds Advisory Committee Meeting for Attracting Foreign Investment from Greater China
'22 Overseas Investment Attraction Activities, Strategy Consultation for Attracting Secondary Battery Manufacturing Companies
[Asia Economy Honam Reporting Headquarters, Reporter Heo Seonsik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sangrak, hereinafter Gwangyang Economic Authority) announced on the 28th that it held the 『2022 Gwangyang Economic Authority Greater China Foreign Investment Attraction Advisory Committee Meeting』 at the President Hotel in Seoul.
Six officials attended this meeting for the Greater China foreign investment attraction advisory committee, including Zhang Yue (張悅), Korea correspondent of People's Daily, Zhu Cuiying (祝翠英), head of the Korea branch of Yingke Law Firm, and Seo Gangseok, Secretary General of the Korea ESS Industry Promotion Association.
The Gwangyang Economic Authority introduced the status of foreign investment attraction in 2021, overseas activity plans for 2022, the establishment of a secondary battery cluster, and successful cases of investment attraction from Chinese manufacturing companies.
A Gwangyang Economic Authority official stated, “The Gwangyang Bay Area is recently forming a secondary battery cluster by expanding investment in core strategic industries such as cathode materials and battery materials,” adding, “We will expand the attraction of foreign-invested companies to the optimal site for manufacturing LFP (Lithium Iron Phosphate) batteries, including iron (POSCO Gwangyang Steelworks), phosphate (Yeosu National Chemical Industrial Complex), and lithium (POSCO Lithium Solutions).”
The Greater China foreign investment attraction advisory committee members who attended showed great interest in a bilateral cooperation model where Chinese LFP battery companies invest in the Gwangyang Bay Area, equip Korean ESS (Energy Storage System) components, and utilize Korea’s FTA platform to export to the US and European markets. They agreed to actively cooperate in attracting related companies.
The Gwangyang Economic Authority plans to jointly hold an investment briefing session with the KOTRA Qingdao Trade Center to respond to the changing restructuring of China’s GVC (Global Value Chain).
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Additionally, due to the rapid growth of the overseas ESS market, the authority plans to participate in the 2022 World ESS Expo scheduled to be held at KINTEX in Ilsan in June this year, conduct investment briefings for participating companies, and promote on-site inspections of the Gwangyang Bay Area for companies interested in investment.
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