Jinju-si Selected as Finalist for 'Foreign Investment Attraction Project Commercialization Support Program'

Full-Scale Attraction of Foreign Investment Companies in Jinju District of Gyeongnam Aviation National Industrial Complex

Aerial view of the Jinju district in the Aviation National Industrial Complex.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam, has been finally selected for the '2022 Foreign Direct Investment (FDI) Project Commercialization Support Program' announced by the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA).

This support program reviews and selects promising projects from local governments and institutions wishing to attract investment such as FEZs (Free Economic Zones), and provides comprehensive support for local governments' investment attraction activities through national funding. These activities include establishing corporate attraction strategies, discovering target companies, attracting overseas companies, promotion and marketing, and holding briefings (IR).

With the project selection, Jinju City will receive national funding of 55 million KRW (up to 70%) out of the total project cost of 80 million KRW, and from May to the end of the year, the Ministry of Trade, Industry and Energy, KOTRA, and Jinju City will jointly carry out the project.

The city will focus on the Gyeongnam Aviation National Industrial Complex (Jinju District) and handle major service tasks such as ▲discovering and attracting domestic and foreign investment companies related to aerospace, urban air mobility (UAM), and materials, parts, and equipment industries ▲strengthening promotion, marketing, and B2B (business-to-business electronic commerce) functions ▲supporting local companies by introducing advanced overseas technologies, aiming to revitalize the aerospace industry and establish investment attraction strategies.

Based on the service results, effective investment attraction activities will be carried out to promote sales in the Jinju District and attract anchor companies.

A city official said, “Through the selection for the foreign investment attraction project and the attraction of promising companies within the Gyeongnam Aviation National Industrial Complex, Jinju will become a representative city of the aerospace industry,” adding, “We will establish a differentiated attraction strategy to build an ecosystem for the region’s strategic industries and activate foreign investment attraction.”