Gyeonggi-do Raises Investment Attraction Target from 100 Trillion to 125 Trillion

Gyeonggi Province Governor Kim Dong-yeon (front row center) is taking a commemorative photo with participants after holding a strategic meeting on attracting investments exceeding 100 trillion won in Pangyo on the 21st.

Gyeonggi Province has revised its investment attraction target during Governor Kim Dong-yeon's term from "100 trillion won" to "125 trillion won or more."

On the 21st, Gyeonggi Province announced that it held a strategic meeting at the Pangyo Creative Economy Innovation Center in Seongnam with heads of provincial offices and bureaus, public institutions under the province, industry experts, and domestic investment companies to discuss practical strategies for achieving more than 100 trillion won in private investment attraction in the future.

The strategic meeting was organized to redefine the roles of each provincial office, bureau, and public institution in Gyeonggi Province to achieve the initially set target of attracting over 100 trillion won in investment and to discuss new future investment attraction strategies.

At the meeting, Gyeonggi Province presented a total investment attraction target of more than 125 trillion won, including ▲30 trillion won from attracting global companies ▲58 trillion won from research and development (R&D) and cluster attraction ▲37 trillion won from the creation and attraction of techno valleys and others.

To achieve this investment attraction target, Gyeonggi Province will shift its investment attraction strategy away from the previous focus on attracting global companies and foreign capital to a comprehensive support approach that involves attracting domestic and international companies across the board and planning and fostering innovative industrial sectors.

Accordingly, the Provincial Urban Housing Office and Gyeonggi Housing and Urban Corporation (GH) will proceed with development plans keeping investment attraction in mind from the project conception stage. The Provincial Economic Investment Office and Future Growth Industry Bureau will collaborate with related industrial promotion and support departments and affiliated public institutions to attract complex clusters once industrial complexes, techno valleys, and industrial areas are established.

The Gyeonggi Provincial Economic Science Promotion Agency will prepare and implement a comprehensive innovation growth strategy that maximizes Gyeonggi Province's innovation potential, including fostering advanced new industries within the province, transitioning regional specialized industries, establishing innovation cluster hubs, nurturing excellent talent, and easing regulations.

A Gyeonggi Province official explained, "Previously, investment attraction projects were mainly the responsibility of departments in charge of investment, exchange, and the economy. However, going forward, investment attraction will become a major task for all offices, bureaus, and public institutions under the Gyeonggi Provincial Government, which marks a difference in the investment strategy of the 8th local government administration compared to previous strategies."

Earlier, Gyeonggi Province succeeded in attracting 10 trillion won in overseas investment within one year after the launch of the 8th local government administration in July last year. Notably, it attracted future technology research centers of the world's top four semiconductor equipment companies?Applied Materials (AMAT), ASML, Lam Research, and Tokyo Electron (TEL)?to Gyeonggi Province. Additionally, it succeeded in attracting world-leading companies such as Onsemi and Linde to stabilize the semiconductor supply chain.

Governor Kim Dong-yeon said, "Despite the investment winter, we worked hard to attract more than 100 trillion won in investment during the 8th local government administration and achieved remarkable results in the past year. I hope that during the remaining term, we can revitalize the economy and create jobs through attracting at least 100 trillion won or more, and lay the infrastructure for equal or better opportunities. I ask that all economic actors unite their efforts to attract more than 100 trillion won in investment."

Meanwhile, the meeting was attended by investment company representatives including Kim Seung-rok, CEO of Air Products; Song Chang-hak, Executive Director of Forestia Korea; Bae Ji-soo, CEO of Genome & Company; Robert Lang, Chairman of the Board of the Canadian Chamber of Commerce in Korea; and Lee Byung-rak, Chairman of the Gyeonggi Foreign Investment Companies Association. Industry experts such as Lee Chang-han, Advisor to the Korea Semiconductor Industry Association; Kim Oe-cheol, Executive Vice President of the Korea Artificial Intelligence Association; Son Ji-ho, Executive Director of the Korea Bio Association; and Cho Young-hoon, Vice President of the Korea Robot Association also participated, along with public institution heads including Kang Sung-cheon, President of the Gyeonggi Provincial Economic Science Promotion Agency; Cha Seok-won, President of the Next Generation Convergence Technology Institute; and Yoo Dong-jun, President of Gyeonggi Technopark.

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