'Flying off the shelves' Gyeongnam Province Investment Attraction... This Year's 8.8676 Trillion Won 'Record High'

Gyeongnam Province's investment attraction performance this year surpassed 8.8676 trillion KRW as of the end of October.

Gyeongnam Province, under the 8th elected administration that prioritized corporate investment attraction as its top task, set this year's investment attraction target at 7 trillion KRW but exceeded the target by a wide margin, achieving a record high.

Sung Su-young, head of the Gyeongnam Investment Attraction Team, is announcing the investment attraction performance.
[Photo by Lee Se-ryeong]

According to the province on the 21st, the cumulative investment attraction amount since the launch of the 8th elected administration in July reached 12.4204 trillion KRW.

This year alone, agreements were signed with 139 companies totaling 8.8676 trillion KRW, and the total number of companies that have signed investment attraction agreements reached 217, with 35,770 jobs created.

Analysis of investment performance from 2021 to September 2023 shows an actual investment implementation rate of 95%.

Among the 282 investment attraction cases achieved during this period, 78 investments were completed, 114 are in progress, 75 are in preparation, and 15 were abandoned.

Investment attraction agreement performance of Gyeongnam Province over the past 5 years.
[Data provided by Gyeongnam Provincial Government]

The province evaluated that it has diversified the industrial ecosystem through corporate investment attraction in existing key industries such as aviation, machinery, and automobiles, as well as in tourism, secondary batteries, and advanced smart logistics industries.

It also reported that the establishment of the Investment Attraction Advisory Committee, provision of benefits (incentives) to investment attraction companies, and the establishment of the first investment agency outside the metropolitan area contributed significantly to improving investment attraction performance.

Efforts were made to attract investment companies in logistics, materials, parts, equipment, and aviation both overseas?including Europe, Japan, and Vietnam?and domestically, as well as companies returning from overseas to Korea.

Major Investment Attraction Industries by Region in Gyeongnam Province. [Data provided by Gyeongnam Provincial Government]

The province plans to induce domestic attraction of regional leading companies (anchor companies) and encourage reinvestment and expanded investment by existing investment companies through the establishment of the Aerospace Agency and designation of the Defense-Nuclear Convergence National Industrial Complex by the end of this year.

It will also focus on investment attraction linked to the Namhaean tourism development project.

To promote customized investment consultations for companies intending to invest in the province by providing real-time information on idle sites within industrial complexes in the province, the recently completed Gyeongnam Industrial Complex Platform will be promoted, and the scope of the platform will be expanded next year.

Additionally, activities to attract the future car innovative parts industry and investment attraction efforts targeting global companies in the Shanghai area of China and companies returning to Korea will be intensified.

Sung Su-young, head of the Investment Attraction Team, said, “We believe our major role is to revitalize the Gyeongnam economy by attracting diverse and distinctive industrial investments together with cities and counties. We will continue close management and customized support for companies throughout all processes from initial consultation to agreement signing and actual investment without any negligence.”

He added, “We will focus on customized investment attraction activities based on Gyeongnam’s investment potential and devote all efforts to investment attraction activities to break the record for the highest performance ever.”

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