Gwangyang Economic Zone Authority Establishes Investment Attraction Partnership with Korea Federation of Medium-Sized Enterprises

Revitalization of Gwangyang Bay Area Industrial Complex through Attraction of Mid-sized Enterprises

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter referred to as Gwangyang Economic Authority) announced on the 25th that it held a meeting on the 24th at the Gwangyang Economic Authority with Lee Chung-yeol, head of the Korea Association of Medium Enterprises (Chairman Choi Jin-sik, hereinafter referred to as KAME), and other officials, agreeing to cooperate for the development of regional strategic industries and investment attraction.

KAME is a statutory organization representing medium-sized enterprises based on the "Special Act on the Promotion of Growth and Competitiveness of Medium Enterprises" enacted in 2014. Medium-sized enterprises refer to companies with more than 1,000 regular employees, total assets exceeding 500 billion KRW, equity capital over 100 billion KRW, and an average sales revenue of more than 150 billion KRW over three years.

There are about 800 major member companies, among which eight companies, including SeAH Steel, are located in the Gwangyang Bay Area.

The Gwangyang Bay Area Free Economic Zone is adjacent to the Yeosu National Industrial Complex and the Gwangyang Steelworks, making procurement of raw materials easy. It also has excellent industrial infrastructure such as Gwangyang Port and a wide-area transportation network. Anchor companies in secondary battery materials and components, such as POSCO Lithium Solutions, are settled here, providing optimal conditions for corporate activities.

At the meeting, Lee Chung-yeol, head of KAME, stated that they would actively cooperate in investment attraction activities by holding IR sessions by region and industry sector for KAME member companies and inviting members interested in investment to tour the Gwangyang Bay Area industrial complex.

Song Sang-rak, commissioner of the Gwangyang Economic Authority, said, "Medium-sized enterprises are an important group of companies that serve as the backbone of South Korea's economy. We will continue to support attracting sound medium-sized enterprises to revitalize the Gwangyang Bay Area industrial complex."

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

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