Gwangyang Economic Zone Authority Holds Feasibility Study Report Meeting on Attracting Foreign Educational Institutions

Establishment Environment Analysis and Feasibility Review Followed by Basic Attraction Plan Development by June Next Year

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter GFEZ Authority) announced that on November 30, it held a kickoff briefing session for the "Feasibility Study and Basic Plan for Attracting Foreign Educational Institutions to the Gwangyang Bay Area" project at the situation room.

The briefing session was attended by about 10 stakeholders including the GFEZ Authority, Suncheon City, and the Jeonnam Education Policy Research Institute. Following the project plan report by the executing agency, the Korea Knowledge Rise Institute, expert consultations from the Jeonnam Education Policy Research Institute and discussions among attendees took place.

The main contents of the research project include analyzing the environment of Jeonnam Province and GFEZ, reviewing relevant laws and regulations, conducting surveys of resident companies and inhabitants in the area, and examining the demand for foreign students to assess the feasibility of establishing foreign educational institutions. It also involves selecting feasible types of foreign educational institutions and exploring alternatives in case long-term attraction is not possible.

So far, the GFEZ Authority has been promoting the attraction of five K-12 schools and four university branch campuses. However, since no feasibility study on attracting foreign educational institutions had been conducted, they relied solely on data provided by schools that expressed interest, resulting in many cases where MOUs were canceled after signing due to unreasonable demands from the schools.

Attracting foreign educational institutions has significant regional ripple effects such as revitalizing investment attraction in GFEZ and improving the living environment for foreigners. Given the long time required to establish such institutions, the plan is to carefully review feasibility through this project and set optimized types and targets of foreign educational institutions for the Gwangyang Bay Area to successfully attract them.

Additionally, to enhance the function and role of the foreign educational institution site within the Shindae District and to boost GFEZ competitiveness, the plan is to respond to Suncheon City public opinion that the idle land should not remain unused for long. If establishment is delayed, alternative uses such as attracting domestic top university campuses, R&D centers, and public institutions will also be explored.

Lee Joo-hyun, Head of the New Growth Industry Attraction Division at the GFEZ Authority, stated, "We will establish a basic plan to attract foreign educational institutions that utilize the regional conditions and strategic industries of the Gwangyang Bay Area," and added, "We will strive to attract foreign educational institutions so that they can play a significant role in building the Gwangyang Bay Area industry-academia-research cluster and the local economy."

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