East Coast Economic Zone Authority to Promote Investment Attraction in Bukpyeong and Ok-gye Districts

Bukpyeong District Attracts Core Strategic Industries Such as Hydrogen Energy
Ok-gye District Attracts Advanced Materials and Components Industries

The East Coast Economic Free Zone Authority is launching full-scale activities to attract investment to the Bukpyeong District in Donghae City and the Okgye District in Gangneung City, Gangwon Province.

On the 24th, the East Coast Economic Zone Authority announced, "We plan to focus on attracting the hydrogen energy industry as a core strategic industry to the Bukpyeong District, and the advanced materials and components industry to the Okgye District."

Aerial photo of Bukpyeong District, East Coast Economic Free Zone
[Photo provided by EFEZ]

Currently, two companies, Korea East-West Power Co., Ltd. and Bugil Electric Co., Ltd., have settled in the Bukpyeong National Industrial Complex, and investment attraction activities are underway in the long-term lease complex completed last December.

Three companies have signed contracts to move into the 1st and 2nd long-term lease complexes, and through the third recruitment announcement from last December to this month, one more company is about to sign an additional move-in contract.

The Okgye District, where the complex construction was completed in September 2020, is attracting related industries such as advanced materials components, research and development, and metal manufacturing, aiming for completion in July.

In November 2021, the Ministry of Oceans and Fisheries' 'Coastal Port Disaster Prevention Research Center' was attracted and is scheduled to begin construction within the year. In particular, by designating the Okgye District as a general industrial complex in March last year, additional benefits such as rent reductions will be provided to resident companies.

The Economic Authority plans to collaborate with various related organizations such as KOTRA and Gangwon TP to discover potential investment companies and promote the unique advantages of the Bukpyeong and Okgye Districts to related companies by participating in various domestic and international exhibitions and fairs.

Additionally, customized administrative support such as changing district development plans to meet the needs of attracted companies and enabling immediate move-in is also planned.

Shim Young-seop, head of the East Coast Economic Free Zone Authority, said, "We will do our best to achieve concrete results by actively reaching out for full-scale investment attraction in the Bukpyeong and Okgye Districts."

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