KEPCO attracts 501 companies to Energy Valley... "Goal Achieved"

Achieving 500 Targets in Phase 1 of Energy Valley Development This Second Half
"Stepping Up as the World's Smart Energy Hub by 2025"

A bird's-eye view of the Korea Electric Power Energy Valley Center. (Photo by Korea Electric Power)

[Asia Economy Reporter Moon Chaeseok] Korea Electric Power Corporation (KEPCO) has achieved its primary goal by attracting 501 companies to the Gwangju-Naju Energy Valley.

On the 25th, KEPCO announced that it signed an 'Energy Valley Investment Agreement' with 36 companies, including CM Partners and Structural Experiment Network, in collaboration with Gwangju Metropolitan City, Jeollanam-do Province, Naju City, and KEPCO KDN.

KEPCO expects that this agreement will result in an investment of 123.5 billion KRW and the creation of 530 jobs.

As a result, KEPCO and local governments such as Naju and Gwangju have attracted investments from 501 companies in the Energy Valley as of this month, exceeding the first phase target of 500 companies. The total investment amount is 2.1596 trillion KRW, with an employment effect of 11,158 jobs.

The Energy Valley includes a 10 km radius around Naju Innovation City. Most resident companies are located in Naju City, with some also in Gwangju City.

KEPCO has provided Energy Valley investment companies with ▲financial support ▲priority purchasing ▲human resource development support projects ▲research and development (R&D) and overseas market entry support.

Corporate financial support is implemented through the 'Interest Support System,' which reduces loan interest by using interest generated from funds deposited by KEPCO.

The Energy Valley completed its first phase of quantitative growth (2015?2020) and is promoting the second phase of qualitative growth until 2025. The goal is to become a 'world-class smart energy hub.'

The first phase of the Energy Valley, led by KEPCO, focused on quantitative growth centered on small and medium-sized enterprises and supporting and nurturing companies.

In the second phase of the Energy Valley, starting next year, KEPCO, local governments, and related organizations plan to cooperate to increase the investment execution rate of companies.

Specifically, they will ▲diversify attracted companies into new and renewable energy and energy efficiency improvement fields ▲designate strong specialized zones and energy convergence complexes ▲create an environment for technical support from testing and certification institutions ▲establish an 'industry-academia-research cluster' together with the KEPCO Energy New Technology Research Institute and Korea Energy Engineering University (formerly KEPCO University).

Additionally, KEPCO plans to build an 'Integrated Corporate Support Platform' with local governments and related organizations to establish human resource development and regional education systems.

Through this, they aim to create quality jobs, build a self-sustaining industrial ecosystem, and contribute to the future growth of the power industry and national economic development.