Gwangyang Economic Zone Authority Actively Pursues Attraction of Chinese Companies

Overseas Expansion Hub for Chinese Qingdao Manufacturing Companies Proposed in Gwangyang Bay Area

[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 10th that it held the "Online and Offline Investment Briefing Session for Responding to the Reshaping of the Global Supply Chain in Qingdao, China" at Kotra in Seoul on the 9th.

This investment attraction briefing session was organized to promote the investment environment of the Gwangyang Bay Area and introduce successful investment cases of Chinese companies in response to the recent global economic changes and supply chain restructuring. It was co-hosted with the Kotra Qingdao Trade Center and the Qingdao Municipal Government Commerce Bureau, with the participation of 20 Chinese manufacturing and logistics companies.

The event proceeded in the order of discussing risk factors and countermeasures for Chinese companies investing in Korea after the RCEP implementation, introducing the investment environment of the Gwangyang Economic Authority, and presenting the investment attraction procedures and support projects by the trade center.

The Gwangyang Economic Authority introduced successful investment cases of Chinese companies in the Gwangyang Bay Area such as HAM (infant formula), Kingtops (sanitary pads), Gwangyang Aluminum (aluminum plates), and Mybello (electric bicycles). It also introduced a bilateral cooperation project where a Chinese lithium iron phosphate battery company invested in the Gwangyang Bay Area, equipped Korean ESS (Energy Storage System) parts, and utilized Korea's FTA platform to export to the US and European markets, drawing great interest from the attending companies.

A Gwangyang Economic Authority official stated, “As the global economy decouples, supply chains are also changing, and the Gwangyang Bay Area is the optimal place for Chinese manufacturing companies to export using made in Korea.” He added, “We will continue to discover Korea-China cooperation projects in the secondary battery for ESS and e-mobility sectors and promote investment attraction of related companies.”

Following this briefing session, the Gwangyang Economic Authority plans to participate in the 2022 World ESS Expo scheduled for June 29 at Kintex in Ilsan, the China International Investment and Trade Fair in September, and the Korea-China-US International Energy Storage Device Forum in November to promote customized corporate attraction in line with the rapidly changing global supply chain.

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

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