Gyeongnam Governor Park Wansu: "Gyeongnam's 50-Year Accumulated Industrial Base Is the Best"

Agreement with 9 Companies for 1.57 Trillion Won Investment and 2,873 Jobs

Park Wan-su, Governor of Gyeongsangnam-do, is introducing the province's investment environment at the 2022 Gyeongsangnam-do Investment Attraction Briefing.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] “Gyeongnam has an industrial foundation in machinery, shipbuilding, and other sectors that has been accumulated for over 50 years, making it superior to any other region.”

Governor Park Wan-su proudly introduced the province’s investment environment at the 2022 Gyeongsangnam-do Investment Attraction Briefing held on the 25th, attended by over 300 domestic and international company CEOs.

Governor Park said, “Our province’s industrial base will become even stronger along with defense, aviation, and nuclear power industries,” adding, “With the tri-port system including Jinhae New Port, Southern Inland Railway, and Gadukdo New Airport, transportation and logistics competitiveness will be further enhanced, making it an optimal location for corporate investment.”

On this day, Gyeongnam Province signed investment agreements worth 1.5703 trillion KRW with nine companies.

The companies include Samkang M&T, HSD Engine, Gukdo Chemical, Daehan OK Steel, CAS, Daehan Autotech, Donghae Machinery, Down Global Logistics, and Cuckoo Electronics.

The province announced that the investment agreement amount increased 14 times compared to 112.9 billion KRW from the online investment briefing held last year.

Accordingly, it is expected that 2,873 new jobs will be created, a 1.9-fold increase from 1,546 jobs in the same year.

A provincial official stated, “The core results of investment include new industries attracting attention as future growth engines such as offshore wind power, nano-applied composite materials, and future vehicles, as well as aircraft and heavy equipment that can advance existing key industries,” adding, “Through synergy effects with the region’s industrial infrastructure, Gyeongnam will further solidify its position as an investment destination.”

At the briefing, Governor Park announced a ‘Gyeongnam-exclusive bold investment incentive plan.’

He said, “We will actively respond to the new government’s policy to promote investment outside the metropolitan area and improve the concentration of investment in specific regions and industries within the province, considering regional balanced development.”

He continued, “We focused on establishing policies that help companies overcome difficulties in securing sites and alternative manpower during the investment process in local areas and settle stably within the province.”

The incentive plan includes ▲new establishment and expansion of site purchase costs to 20 billion KRW for large-scale investment companies ▲interest-free loans for site purchase costs expanded to 10 billion KRW ▲subsidies for corporate investment promotion districts increased to 10 billion KRW ▲additional support for tourism and cultural industries ▲tax benefits such as acquisition tax reductions.

The revised investment incentive plan is scheduled to be fully implemented from next year after ordinance amendments and other procedures in the second half of this year.

Governor Park said, “Corporate investment and attraction are fundamental to economic revitalization and the most important administrative task for Gyeongnam,” adding, “We will do our best to ensure that companies investing in Gyeongnam succeed through bold investment incentives and creating a business-friendly environment.”