Gyeongnam Province Investment Attraction Advisory Committee to Establish a New Year for Economic Rebound

The 3rd Gyeongsangnam-do Investment Attraction Advisory Committee meeting was held on the 31st at Lotte Hotel in Seoul.

According to Gyeongnam Province, the advisory committee, which had been active mainly through subcommittee meetings, held a full meeting for the first time in four months since last November.

There were presentations on the innovation strategy for the province's startup ecosystem and activity plans to achieve the 7 trillion won investment attraction target, along with discussions on Gyeongnam's investment attraction measures.

After the advisory committee meeting, a performance was held to promote participation in the Hometown Love Donation Program.

At the meeting, Chairman Choi Sam-seop of Daewon Plus Group and Advisor Moon Seok of Hanwha Hotels & Resorts were newly appointed.

Both will be active in the advisory committee’s Tourism, MICE, Policy, and Trends subcommittees.

Governor Park Wansu of Gyeongsangnam-do is exchanging opinions with advisory committee members at the 3rd Gyeongsangnam-do Investment Attraction Advisory Committee meeting.
[Photo by Gyeongsangnam-do Provincial Government]

Governor Park Wan-su said, “There have been good news for the Gyeongnam economy, such as five consecutive months of trade surplus, domestic defense companies surpassing 100 trillion won in order backlogs, and the new designation of Changwon’s 2nd National Industrial Complex,” adding, “The Gyeongnam Investment Agency will begin full-scale activities from May and actively engage in overseas investment attraction by participating in events such as the Paris Air Show and the LA Korean-American Convention held this year.”

He also said, “The current government plans to strengthen Korea-US cooperation to realize the major task of the space economy vision,” and “Gyeongnam Province will play a significant role in Korea-US cooperation in the space sector along with the establishment of the Space Aviation Agency and fostering the aerospace industry.”

Gyeongnam Province recently shared the revised ordinance on expanding investment attraction incentives with advisory committee members and agreed to cooperate in discovering and promoting potential investment companies.

The advisory committee members positively evaluated the establishment of strategic industry-specific funds and customized investment fund plans by growth stage, which aim to create a foundation for startups in aerospace, nuclear power, shipbuilding, and defense sectors to grow intensively.

Participants of the 3rd Gyeongsangnam-do Investment Attraction Advisory Committee are taking a commemorative photo.
[Photo by Gyeongnam Provincial Government]

Chairman Lee Jae-sul of the advisory committee emphasized, “Investment attraction is not only a competition between cities and provinces but also between domestic and overseas entities,” adding, “The committee must consolidate networks and make one-on-one efforts so that companies feel attracted to Gyeongnam’s strengths and come to Gyeongnam.”

Kim Jong-wook, CEO of Swissport Korea, said, “It is necessary to symbolically highlight the advantages of Gyeongnam, the birthplace of entrepreneurial spirit, to attract companies,” and “It may be more effective to attract not only large corporations but also related partner companies.”

Chairman Choi Sam-seop of Daewon Plus Group said, “Local governments have focused only on attracting tourists, but the conditions to receive tourists are very insufficient,” adding, “Providing incentives in various areas such as taxes, water supply, and electricity would strengthen tourism infrastructure like hotels.”

The province stated that it continues its efforts to achieve the 7 trillion won investment attraction target, including the investment agreement ceremony for the Lighting Island project to lead the southern coastal tourism industry in January and the investment agreement with Schaeffler Korea in March to establish a supply base for electrification core parts and high-precision bearings at the Changwon plant.

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