Gwangyang Economic Zone Authority Holds Advisory Meeting on Investment Attraction in the Chemical Sector

Published 24 May.2022 10:14(KST)

Making Gwangyang Bay Area the Hub of Functional Chemical Materials Industry

Gwangyang Economic Zone Authority Holds Advisory Meeting on Investment Attraction in the Chemical Sector

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter Gwangyang Economic Authority) announced on the 24th that it held the "2022 Gwangyang Economic Authority Chemical Sector Investment Attraction Advisory Committee Meeting" at the Yeosu Venezia Hotel on the 23rd.

The Chemical Sector Investment Attraction Advisory Committee of the Gwangyang Economic Authority consists of 11 diverse experts including chemical company CEOs, executives, chemical engineering professors, researchers, consultants, and management specialists, with a term of two years.

At this meeting, the advisory committee members unanimously stated that the functional chemical industry should be actively fostered as a strategic industry of the Gwangyang Bay Area.

The Gwangyang Bay Area has optimal location conditions for establishing a functional chemical industry cluster due to the nearby Yeosu Petrochemical National Industrial Complex.

Additionally, it possesses the Korea Testing & Research Institute (KTR), allowing companies to utilize research equipment and facilities, making material development and testing certification convenient.

In particular, the plastic recycling and bio/biodegradable plastic industries are environmentally friendly future growth industries, and it was advised that actively attracting investments from related companies is desirable for the sustainable growth of the Gwangyang Bay Area.

Song Sang-rak, Commissioner of the Gwangyang Economic Authority, said, “As the global industrial paradigm shifts toward low carbon and eco-friendliness, we will make continuous efforts to attract investment with a long-term perspective so that the Gwangyang Bay Area can become the center of the functional chemical materials industry.”