Gwangyang Economic Zone Authority Conducts Investment Attraction Activities in Weihai, China

Participation in Investment Attraction Briefings and Korean Product Expositions

The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter GFEZ Authority) announced that from the 26th to the 29th, it has been conducting investment attraction activities targeting government agencies and private companies related to advanced steel, chemical materials, and EV automobile parts industries in Weihai City, in cooperation with the Weihai Comprehensive Bonded Zone in China.

This Chinese investment attraction activity began with the signing of a mutual cooperation memorandum of understanding between GFEZ and the Weihai Comprehensive Bonded Zone in March. On the 27th, an investment attraction briefing session was held at the Nishihaitai Hotel in Weihai City to support the global expansion cooperation of managed companies from both institutions and to establish an institutional cooperation system, marking the start of full-scale corporate attraction activities.

[Photo by Gwangyang Economic Promotion Agency]

This aims to establish a global cooperation system centered on Korea, including the United States, China, and Taiwan, to prepare sustainable win-win cooperation measures and ultimately attract companies to GFEZ through the activation of the e-mobility industry, including EV automobile parts and batteries.

The GFEZ Authority investment attraction team visited the Weihai Comprehensive Bonded Zone on the first day, held a meeting with Party Secretary Deng Zijian, listened to the investment trends of Chinese companies in Korea, and promised to cooperate in jointly discovering potential investment companies between GFEZ Authority and Weihai.

The following day, 10 local EV-related companies were invited to the investment attraction briefing session, where the excellent investment environment of the Gwangyang Bay Area was introduced, and through individual consultations, it was decided to provide the optimal business environment to enable companies to enter the Gwangyang Bay Area.

Subsequently, the team attended the opening ceremony of the 3rd Korean Products Expo hosted by the Weihai Municipal People's Government at the Weihai International Trade Center, held meetings with representatives from major government agencies such as the Weihai Municipal People's Government and Shandong Provincial Department of Commerce, as well as private companies, to explore Korea-China local economic cooperation models and actively cooperate in promoting joint industrial investment cooperation.

Additionally, visits were made to local Chinese manufacturing companies such as Shandong Jianwen New Materials Co., Ltd., Wendeng Weili Tools Group, and Zhongda Automobile Decoration Co., Ltd., targeting companies producing and exporting EV automobile parts, batteries, and peripheral devices. GFEZ promotion and investment attraction consultations were conducted, generating high expectations and interest.

Song Sang-rak, Commissioner of the GFEZ Authority, stated, "Through this Chinese investment attraction activity, we expect the activation of the EV parts and materials industry based on the steel, chemical, and logistics infrastructure of the Gwangyang Bay Area, and through continuous cooperation and networking between Korean and Chinese institutions, new business opportunities and investments will expand through the establishment of joint industrial investment and cooperation business models for companies."

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

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