Gwangyang Economic Free Zone Authority Initiates Investment Attraction for Taiwan Automotive Industry

Expansion of Exchanges with Taiwanese Auto Parts Industry Organizations

Promotion of GFEZ through Visits to Interested Companies

The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter GFEZ Authority) announced that from the 10th to the 14th, it conducted investment attraction activities targeting government agencies and private companies related to the automotive parts industry in Kaohsiung and Taipei, Taiwan, as part of efforts to revitalize the EV automotive parts industry within the GFEZ.

This investment attraction activity in Taiwan was promoted as a follow-up response to support the global expansion cooperation of automotive parts manufacturers and to establish an institutional cooperation system, triggered by the project to build a business model for EV lightweight materials and parts development and manufacturing companies conducted by the Korea Automotive Parts Association in July last year.

Visit to Taiwan Miyaori Safeway Auto Parts Company [Photo by Gwangyang Economic Promotion Agency]

The ultimate goal is to attract companies to the GFEZ through establishing a global cooperation system centered on Korea, including the United States, China, and Taiwan, to prepare sustainable win-win cooperation measures and revitalize the EV automotive parts industry.

Taiwan is a country that shows strength in the global aftermarket with small-lot, multi-variety production of automotive parts, aiming for a high value-added market through convergence with the ICT industry and technological development. Through visits to related institutions such as the Kaohsiung City government and companies like SAFEWAY, trends in automotive parts manufacturing technology industries were identified.

Additionally, by attending the "2023 Taiwan Taipei International Auto Parts Exhibition," the second largest in Asia, held at the Taiwan World Trade Center, the GFEZ Authority promoted the GFEZ and conducted investment attraction consultations targeting companies producing and exporting automotive parts and components, lighting, EVs, and peripheral devices, generating high expectations and interest.

A GFEZ Authority official stated, “Through this investment attraction activity in Taiwan, we will do our best to serve as a bridgehead so that the Gwangyang Bay Area can build an automotive parts industry cluster and enable alternative parts companies to enter overseas markets by revitalizing the automotive parts industry, which is emerging as a new revenue model business in the automotive industry. We plan to maintain continuous interest in automotive parts manufacturers and actively carry out investment attraction activities.”

Gwangyang = Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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