Gwangyang Economic Free Zone Authority Achieves 1.7 Trillion Won Investment Attraction in Last Year

Investment in Secondary Battery Materials Yields Employment Creation Results

[Asia Economy Honam Reporting Headquarters Reporter Heo Seonsik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter Gwangyang Economic Authority) announced on the 19th that despite unfavorable domestic and international conditions such as global inflation, COVID-19, and shortage of industrial sites, last year 28 companies including secondary battery materials and functional chemicals realized investments of 1.7 trillion KRW and created 1,220 jobs.

Last year, the Gwangyang Economic Authority held more than 180 meetings of expert groups both online and offline using 188 networks, investor briefing sessions inviting potential investors, and discovered more than 1,300 potential investment companies, making every effort to attract investment.

Gwangyang Bay Area Free Economic Zone Authority Building
Photo by Gwangyang Bay Area Free Economic Zone Authority

As a result, in new investments, Sambak LFT, which manufactures hybrid and recycled plastic materials, invested 450 billion KRW in the Yulchon Industrial Complex, and CIS Chemical, a secondary battery material manufacturer, decided to invest 40 billion KRW in the Sepung Industrial Complex.

In addition, Kumho Polychem, which produces materials for electric vehicles, invested 35.8 billion KRW in the Hwanggeum Industrial Complex, realizing new investments from a total of 18 companies. Through active support and efforts for resident companies, POSCO Chemical decided to expand its precursor plant in the Yulchon Industrial Complex with an investment of 326.2 billion KRW, successfully increasing investments from 10 companies.

These large-scale investments by high value-added functional chemical and secondary battery material companies are expected to greatly contribute not only to improving the industrial complex structure in the Gwangyang Bay area but also to regional economic development and providing excellent jobs.

Meanwhile, by successfully attracting large-scale investment intentions from innovative industry companies, investment agreements totaling 1.8 trillion KRW were signed with eight companies including POSCO Chemical with 600 billion KRW and POSCO Holdings with 580 billion KRW.

Foreign-invested companies POSCO Lithium Solution and lithium hydroxide manufacturer Likem achieved a total of 57 million USD in FDI.

Song Sang-rak, Commissioner of the Gwangyang Economic Authority, said, “Despite difficult domestic and international conditions, we have set this year’s investment attraction target at 1.3 trillion KRW,” and added, “We plan to develop the Gwangyang Bay area from a traditional steel and chemical industry hub into a mecca for future growth industries such as secondary batteries, hydrogen, and functional chemicals.”

Regarding the 2023 plan, Commissioner Song stated, “In line with the COVID-19 endemic phase, we will actively promote domestic and international investment attraction activities and make innovative growth industry companies anchor companies to attract various related industry companies so that the Gwangyang Bay area can grow into a high value-added functional chemical, hydrogen, and secondary battery material cluster.” He added, “To this end, we will actively strive to provide customized sites that meet corporate demand through early industrial complex development and supply.”

The Gwangyang Economic Authority has achieved results of attracting 194 companies and 5.8 trillion KRW in domestic and foreign investments over the past five years, creating 6,107 jobs.

Asia Economy Honam Reporting Headquarters Reporter Heo Seonsik hss79@asiae.co.kr

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