Daegyeong Gyeongja Cheong Sets This Year's Investment Attraction Target at 1.5 Trillion Won... 100 Billion Won Increase from Last Year

The Daegu-Gyeongbuk Free Economic Zone Authority (Commissioner Kim Byung-sam) announced the '2024 Comprehensive Investment Attraction Plan.'

This plan sets the domestic and international investment attraction target for this year at 1.5 trillion KRW, focusing on three core strategic industries: ICT & Robotics, Medical & Bio, and Future Mobility.

Last year, the Daegu-Gyeongbuk Free Economic Zone Authority achieved remarkable results, securing investments totaling 1.4 trillion KRW. Major investment attraction cases include 915 billion KRW from three companies including SK Group in Suseong Alpha City, 68 billion KRW (foreign investment) from Bear Robotics in Technopolis, 52 billion KRW from three companies including Thyssen Biopharm in Pohang Convergence Technology Industrial Complex, and 126 billion KRW investment from Logen in Yeongcheon High-Tech Park.

Daegu-Gyeongbuk Free Economic Zone Authority.

In 2024, the Daegu-Gyeongbuk Free Economic Zone Authority plans to attract domestic and foreign investors by leveraging strong infrastructure and favorable policy environments. The basic direction for investment attraction this year is centered on the three core strategic industries, focusing on attracting companies from outside the metropolitan area and returning companies, linking with large-scale industrial exhibitions, cooperating with investment specialized institutions such as KOTRA, inviting target companies domestically and internationally, and connecting with venture capital, implementing a strategic and customized investment attraction strategy.

The 'three core strategic industries' of the Daegu-Gyeongbuk Free Economic Zone are ICT & Robotics, Medical & Bio, and Future Mobility industries. The investment attraction strategy for the 'ICT & Robotics industry' is to link with Daegu-Gyeongbuk's ICT & Robotics industry policies, with Suseong Alpha City as the 'digital innovation hub' and the Technopolis district as the center of the 'Robot Test Field.'

The 'Medical & Bio industry' plans to focus on discovering target companies based on the R&D infrastructure and anchor companies in the Shinseo Advanced Medical District and Pohang Convergence Technology Industrial Complex. It will actively promote the recent possibility of manufacturing and production facility occupancy within the Complex for Advanced Medical Science and the lifting of indefinite restrictions on transfer prices.

The 'Future Mobility industry' strategy is to attract mobility companies by utilizing the strengths of specialized complexes and regulatory free zones such as the 'Motor Parts Specialized Complex' in Daegu (established July 2023), Pohang's National Advanced Strategic Industry Specialized Complex for Secondary Batteries (established July 2023), Pohang's Next-Generation Battery Recycling Regulatory Free Zone (established August 2019), and Gyeongsan's Wireless Power Transmission Regulatory Free Zone (established August 2022).

Additionally, by leveraging the strengths of R&D institutions and anchor companies in each district, the authority aims to boost domestic and foreign investment attraction. Externally, it plans to proactively respond to global environmental changes by attracting overseas companies in national advanced strategic technology fields as returning companies, in line with trends such as 'economic nationalism' and 'friend-shoring' that reorganize supply chains around alliances and domestic priorities, and internally by aligning with government cash support and strengthened corporate tax incentives.

Last year, based on excellent cases of investment incentives and administrative support for returning domestic companies, the Daegu-Gyeongbuk Free Economic Zone Authority achieved the highest (S) grade in the 2023 Free Economic Zone Performance Evaluation conducted by the Ministry of Trade, Industry and Energy.

In response to cuts in R&D national funding, the authority will strengthen the creation of its own innovation ecosystem. It will enhance the competitiveness of resident companies through ESG management consulting support and strengthen communication with resident companies on-site through visiting corporate consultation offices. Furthermore, it will improve the investment environment and foundation by operating an online corporate support platform, sending newsletters, and publishing magazines.

Moreover, a robust investment attraction support system will be established through external investment experts, the Regulatory Innovation Council, and the operation of an integrated investment attraction information system. In the promotion sector, the authority will enhance readability through diversification of media, expanded promotion of target investment zones, and a website overhaul focusing on clarity, simplicity, and core content, actively promoting the investment attractiveness of Daegu and Gyeongbuk to support improved investment performance.

Kim Byung-sam, Commissioner of the Daegu-Gyeongbuk Free Economic Zone Authority, said, “In 2023, despite the challenging global environment, the Daegu-Gyeongbuk region provided an attractive business environment to domestic and foreign investors and achieved remarkable results. In 2024, based on these achievements, we will spare no effort to build a sustainable innovation growth ecosystem and support benefits for both the Daegu-Gyeongbuk community and investors.”

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