Daegyeong Gyeongjacheong Targets 33 Million USD in Foreign Investment Attraction This Year

Focus on Robots, Bio, and Future Mobility

Choi Sam-ryong, Head of Gyeongja Agency, "Supporting Global Companies"

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] The Daegu-Gyeongbuk Free Economic Zone Authority (Commissioner Choi Sam-ryong) established the '2023 Comprehensive Investment Attraction Plan' on the 23rd, setting a goal to achieve '33 million USD in foreign investment attraction' focusing on the core strategic industries of the Daegu-Gyeongbuk Free Economic Zone: ICT & Robotics, Medical & Bio, and Future Mobility sectors.

The Daegu-Gyeongbuk Free Economic Zone Authority ('DGFEZA') set 'four major promotion strategies' to achieve 33 million USD in foreign investment: focusing on the three core strategic industries, promoting domestic and international investment attraction IR, enhancing expertise and establishing support systems, and implementing customized publicity, and plans to systematically carry these out.

DGFEZA's 'three core strategic industries' are ICT & Robotics, Medical & Bio, and Future Mobility sectors, which correspond to future industries with high policy contribution in Daegu City and Gyeongbuk Province.

Daegu-Gyeongbuk Free Economic Zone Authority Building.

The investment attraction strategy for the 'ICT & Robotics industry' is basically to attract new target companies linked with the ICT and robotics policy projects of Daegu City and Gyeongbuk Province. Looking at each zone, Suseong Alpha City is planned to be developed as the 'Silicon Valley of Korea' through the Ministry of Science and ICT-Daegu City digital innovation hub project (worth 2.2 trillion KRW).

To this end, ABB and ICT-based target companies will be actively discovered, and startup companies and global venture capital firms will be housed within the knowledge industry center.

Technopolis will focus on attracting promising companies in 'service robots and collaborative robots,' which have recently grown rapidly, along with industrial robots, in connection with the 'robot representative city foundation' project, including the national robot test field re-feasibility study.

The Gyeongsan Knowledge Industry District will concentrate on attracting ICT convergence companies and research institutes following the new designation of the 'Electric Vehicle Next-generation Wireless Charging Regulatory Free Zone.'

The 'Medical & Bio industry' plans to discover target companies based on infrastructure and anchor companies in each zone.

Based on the core infrastructure of the 'Advanced Medical Complex Foundation' and 'Brain Research Institute' located in the Shinseo Advanced Medical District, it will focus on preemptively securing the 'advanced medical healthcare industry.' Centered on Cori Pohang, a representative medical bio anchor company in the Pohang Convergence Technology Industrial District, it will focus on attracting anchor companies such as biopharmaceuticals, while also planning to attract lighter startup companies within the Pohang Knowledge Industry Center.

The 'Future Mobility industry' will set target companies linked with infrastructure and industrial trends in each zone. In Suseong Alpha City, it will focus on mobility software companies such as Urban Air Mobility (UAM); in the Pohang Convergence Technology Industrial District, on secondary battery-related companies based on the 'Battery Recycling Regulatory Free Zone'; and in Yeongcheon High-Tech Park District, on attracting material and component companies leveraging their superiority in materials and components.

Last year, Hwashin, an electric vehicle parts company, relocated from Hebei Province, China, back to Yeongcheon, and started construction of a parts factory in March this year.

This is seen as a result of the increased possibility of relocating mobility parts factories from China to Korea following the implementation of the US 'Inflation Reduction Act (IRA)' at the end of last year, and the strategy is to fully leverage this opportunity to focus on attracting companies returning to Korea.

Choi Sam-ryong, Commissioner of Daegu-Gyeongbuk Economic Promotion Agency.

To promote domestic and international investment attraction activities more systematically, overseas and domestic strategies were separated.

Overseas, it will be promoted in a country-specific customized manner together with investment attraction specialized organizations such as KOTRA, while domestically, it plans to maximize effectiveness by operating 'promotion booths' for many potential investors and simultaneously conducting 'invitation-type investment' for a small number of potential investors.

In addition, to establish an investment attraction support system, it will enhance expertise in investment attraction through 'staff capacity-building training' inviting external experts and utilizing overseas investment attraction advisors, and build a solid support system through hosting investment attraction briefings, operating an investment attraction committee, and jointly promoting projects with the Korean Chamber of Commerce and economic organizations.

Furthermore, it will support improving foreign investment performance through customized publicity such as diversifying media and expanding promotion of target investment zones.

DGFEZA held an investment attraction comprehensive plan briefing session on the 23rd to finalize the '2023 Investment Attraction Comprehensive Plan.' At this meeting, the commissioner, headquarters chiefs, and investment attraction experts (PMs) gathered to share the 'investment attraction promotion direction and strategy' and decided to concentrate the capabilities of the entire organization to achieve tangible results in the future.

Choi Sam-ryong, Commissioner of DGFEZA, said, "Although a global economic slowdown is expected in 2023 due to China's economic slowdown, the Russia-Ukraine war, high inflation, and high interest rates, we will spare no effort and support so that global promising companies can invest in Daegu and Gyeongbuk through systematic and strategic investment attraction activities."

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