Gwangyang Economic Zone Authority Achieves 1.2 Trillion Won Investment Attraction Last Year

Passing of Central Investment Review for Public Development of Sepung Industrial Complex, etc.

The Gwangyang Bay Area Free Economic Zone Authority (Director Song Sang-rak, hereinafter referred to as Gwangyang Economic Authority) announced that despite the challenging investment environment in 2023, it achieved investments totaling 1.2 trillion KRW from 26 companies through strategic investment attraction activities, creating 1,206 jobs.

The Gwangyang Economic Authority has been fully committed to investment attraction activities by holding more than 160 online and offline expert group meetings using 209 networks, investor invitation briefings, and discovering 1,594 potential investment companies.

[Image provided by Gwangyang Economic Zone Authority]

As a result, new investments were realized from 20 companies, including POSCO Lithium Solutions, a secondary battery material manufacturing company investing 575.1 billion KRW in Yulchon Industrial Complex, Hanwha Aerospace Co., Ltd., a Korean launch vehicle system integration company investing 50.8 billion KRW, and Hadong E-Factory Co., Ltd., a fuel cell power generation company investing 118.8 billion KRW in Daesong Industrial Complex.

Additionally, by providing corporate support services tailored to the characteristics of the industrial complexes, CIS Chemical Co., Ltd. decided to expand its secondary battery material manufacturing plant in Sepung Industrial Complex with an investment of 60 billion KRW, resulting in increased investments from six companies.

Meanwhile, in August last year, an investment agreement was signed for the construction of a large-scale 40MW Jeonnam Cloud Data Center in Hwanggeum Industrial Complex.

By 2032, through an investment of 750 billion KRW, two data centers will be established, creating employment for approximately 200 personnel in the information and communication sector and contributing to local tax revenue.

In Hadong Daesong Industrial Complex, secondary battery material company L&F Co., Ltd. plans to invest 600 billion KRW by 2028, expected to create around 400 jobs.

In the development sector, a foundation has been established to supply industrial complexes in a timely manner. The Sepung Industrial Complex public development project passed the Ministry of the Interior and Safety’s central investment review, and feasibility analysis for public development of Yulchon 2nd Industrial Complex is underway. Haeryong Industrial Complex signed a business implementation agreement with a new private operator and has begun compensation for incorporated land.

Going forward, the Gwangyang Economic Authority plans to promptly secure and supply industrial land to actively respond to the demand from investment companies in new industries.

Furthermore, efforts are being accelerated to establish a tourism hub on the southern coast.

The marine waterfront space in the Gyeongdo district is currently under site development, and the access road construction began in August last year after completing preliminary administrative procedures and is progressing actively.

In addition, development of the Hwayang district complex tourism zone will also be expedited.

This year, the Gwangyang Economic Authority plans to strengthen overseas investment attraction activities in the U.S., China, Germany, and other countries to complete the next-generation advanced technology and secondary battery innovation ecosystem early, promote designation of the Gwangyang Bay Area as a secondary battery opportunity development special zone, and focus on the rapid development of industrial complexes.

Song Sang-rak, Director of the Gwangyang Economic Authority, said, “As the 20th anniversary of the authority’s establishment falls in March this year, we will actively promote our achievements so far and establish a future vision to turn this into an opportunity for a new leap forward,” adding, “We will do our best to attract future growth industry companies such as those in the secondary battery sector by actively promoting domestic and international investment attraction activities, helping the Gwangyang Bay Area to leap forward as a global industrial hub.”

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

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