Gyeongnam Province Announces Strategy to Achieve 700 Million KRW Investment Attraction Goal This Year

Gyeongnam Province, which achieved investment agreement results worth 1.4977 trillion KRW from 29 companies in the first quarter of this year, announced its promotion strategy to achieve the investment attraction goal of 7 trillion KRW this year.

On the 12th, Gyeongnam Province held a briefing at the provincial government press room and explained, "Despite the contraction of the investment environment due to the global economic slowdown and uncertainties, our province's investment attraction activities are progressing smoothly."

It added that 4,817 jobs were created through investment agreements in the first quarter.

Kwon Chang-ho, Head of the Investment Attraction Team of Gyeongnam Province, is presenting the investment attraction achievements and future strategies.
[Photo by Gyeongnam Provincial Government]

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According to the province, investments from future new industry companies such as future automobile parts companies including Schaeffler Korea and AR Aluminum, as well as advanced smart logistics companies, have increased significantly along with investments in the tourism sector.

Starting with the Namhae-gun Lighting Island project, which was the first investment agreement in Gyeongnam this year, four projects including the Goseong-gun tourism and leisure facility development project achieved results worth 652.3 billion KRW.

The province stated that it is not satisfied with the good performance in the first quarter and is setting domestic and international investment attraction strategies and activities to achieve 7 trillion KRW in investment attraction this year.

They plan to create an innovation cluster by designating and attracting a special development zone for opportunities and to attract anchor companies.

Following the formation of a special task force for attracting the Opportunity Development Zone to Gyeongnam in February and holding related seminars in March, a research project to design the special zone model will also be conducted.

Investment attraction performance of Gyeongnam Province in the first quarter of 2023.
[Image provided by Gyeongnam Provincial Government]

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They will also carry out aggressive on-site investment attraction activities domestically and internationally through the activities of the provincial investment attraction advisory committee.

Focused attraction activities will target core companies in new industries such as hydrogen, semiconductors, secondary batteries, and renewable energy, as well as key industries including machinery, aerospace, and shipbuilding. They also plan to intensively respond to corporate attraction linked to defense, nuclear power, shipbuilding industries, and the creation of an aerospace industry cluster.

They will also pursue investment attraction for the southern coastal tourism belt linked to the establishment of a global marine tourism belt and expand the attraction of companies in the renewable energy (solar power) industry sector.

Together with the specialized investment agency Gyeongnam Investment Agency, the province will intensify investment attraction efforts such as ▲an investment attraction briefing session for China's advanced industry sector in May ▲investment activities linked to the Paris Air Show in June ▲and an investment briefing session at the Korean-American Business Conference in the U.S. in October.

To create a business-friendly investment environment, they will also improve unreasonable systems such as the obligation to maintain regular employment at investment sites and the relaxation of the depreciation period standards for facility investments in knowledge service and information and communication industries.

They will review major issues proposed at last year's Investor Appreciation Day and difficulties heard through on-site communication with companies in the first quarter, convey suggestions to relevant government departments, and prepare their own regulatory innovation plans.

Investment Attraction Team Leader Kwon Chang-ho said, "The bold investment attraction incentives that have been prepared since last year were fully implemented from the end of March, and the Gyeongnam Investment Agency, which will serve as the investment attraction window, will soon be operational." He added, "Based on the preparations made step by step, we will actively promote Gyeongnam's strengths as an investment destination, strengthen domestic and international investment attraction activities, and create a stable investment environment."

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