Gyeongnam Province Accelerates Investment Attraction... Governor-Direct 'Investment Attraction Advisory Committee' Launched

The 'Gyeongsangnam-do Investment Attraction Advisory Committee' directly under the governor was launched on the 25th.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] The Gyeongsangnam-do Investment Attraction Advisory Committee was launched on the 25th.

Park Wan-su, Governor of Gyeongnam, said, "If you provide advice on incentives for corporate investment and deregulation, Gyeongnam will act as the messenger."

The Gyeongnam Investment Attraction Advisory Committee was established as an advisory body directly under the governor to strengthen and realize investment attraction, a key task of the 8th elected provincial administration.

Gyeongnam Province stated that it formed the advisory committee to quickly secure a favorable position amid domestic top 10 companies announcing investment plans exceeding 1,000 trillion won over the next five years and the new government’s announcement of the Opportunity Development Zone system with unprecedented benefits for balanced development.

The advisory committee chairman appointed was Lee Jae-sul, former chairman of Deloitte Anjin Accounting Corporation, and 17 advisory members including current and former executives of large corporations such as SK, Lotte, GS Construction, LG Electronics, CJ, Doosan Enerbility, POSCO, BNK, IBK, and financial experts are participating.

On the day, the committee members listened to explanations about the investment environment of Gyeongnam’s industry and then held discussions on investment attraction plans for major strategic industries by region.

At the launch ceremony of the Gyeongnam Investment Attraction Advisory Committee, Park Wan-su, Governor of Gyeongnam Province, is speaking about the operation of the committee.

Governor Park said, "Gadeokdo New Airport, Jinhae New Port, and the Southern Inland High-Speed Railway will bring significant changes to the investment environment on the South Coast," adding, "Our province will turn this into a groundbreaking opportunity for South Coast tourism investment."

Chairman Lee Jae-sul said, "I hope we can pool wisdom for the development of Gyeongnam," advising, "Gyeongnam should benchmark regions competing in investment attraction and approach companies with specific strategies through working-level staff."

He cited Ireland’s successful investment case and identified success factors such as ▲ proactive roles including tax benefits from the central government ▲ placement of investment specialized institutions and experts ▲ creation of a predictable labor market ▲ customized talent development.

For efficient operation of the advisory committee, he also suggested holding regular meetings and operating subcommittees with expertise in industrial sectors.

Kim Jong-wook, CEO of Swissport Korea and advisory member, said, "Gadeok New Airport and Jinhae New Port have tremendous potential when linked with hinterland logistics complexes and Changwon National Industrial Complex," adding, "This will be a groundbreaking turning point for domestic and foreign investment attraction and Gyeongnam’s development, so a master plan related to this is necessary."

Ahn Byung-soo, director of the Foreign Direct Investment Research Center and advisory member, emphasized, "Support for companies already established in the region is as important as for new incoming companies," highlighting support for labor-management relations, attracting anchor companies, networking with the Ministry of Industry and government, and securing project funds.

Lee Seong-geun, former CEO of Daewoo Shipbuilding & Marine Engineering and advisory member, said, "The shipbuilding industry is a unique industrial group in Gyeongnam with differentiated competitiveness, not competing with the metropolitan area," and added, "I hope Gyeongnam Province will play a bigger role in the shipbuilding and marine sectors."

Yu Young-sang, CEO of SK Telecom and advisory member, expressed, "In the future, incentives for forward-looking businesses such as renewable energy, ICT, and UAM should be improved to enhance investment attraction competitiveness."

Jung Yeon-in, CEO of Doosan Enerbility and advisory member, suggested, "National research institutes’ experimental equipment and facilities should be easily accessible and shared by companies," and added, "To secure excellent talent needed for the industry, greater efforts are required to improve local living conditions and foster talent in cooperation with universities."

Woo Moo-hyun, president of GS Construction and advisory member, said, "While business feasibility is a priority for companies, ESG areas, especially environmental issues, are important to compete in domestic and international markets," and added, "We need to find and support environmental sector items for investment attraction."

The province said it is reorganizing the investment attraction team directly under the Deputy Governor for Economy and accelerating the establishment of the Gyeongnam Investment and Economic Promotion Agency, a dedicated investment attraction institution.

It also plans to provide unprecedented incentives such as special support for large-scale investment companies, expansion of investment promotion subsidies, and rent support, as well as to promote the elimination of unreasonable regulations.

Through the operation of the Corporate Investment Success Support Center, it plans to strengthen one-stop services from site selection, policy finance support, to administrative processing.

Governor Park said, "We will operate a Social Integration Committee so that the residents can unite as one for the development of Gyeongnam," and added, "I will cherish advice that is hard to hear normally and work even harder together with Gyeongnam provincial officials."

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