Gwangyang City Achieves Record Largest Investment Attraction of 2.7 Trillion Won

Investment Attraction Committee Reviews Agenda on Sharing Achievements

Gwangyang City in Jeollanam-do announced that it has achieved the largest-ever investment attraction of 2.7 trillion KRW this year through aggressive investment attraction activities.

On the 12th, the city held the ‘2023 2nd Gwangyang City Investment Attraction Committee’ meeting at the city hall situation room, where it reported on this year’s investment attraction achievements and current projects, promoted related policies, and resolved six agenda items including the payment of performance bonuses to outstanding contributors in investment attraction.

[Photo by Gwangyang City]

The meeting was attended by nine committee members, including Chairman Jeong In-hwa, Mayor of Gwangyang City, Park Cheol-su, member of Gwangyang City Council, Hong Sang-pyo, Vice President of Yeosu Gwangyang Port Corporation, Lee Kwang-yong, Chairman of the Gwangyang Steelworks Partner Association, and CEOs of companies related to investment attraction.

The committee began with a report on the 2023 investment attraction performance, highlighting the attraction of excellent companies throughout the year, which led to the advancement of local industries and the creation of jobs preferred by local youth, achieving the largest investment attraction results in history.

Gwangyang City stated that it successfully attracted 18 companies with a total investment of approximately 2.6947 trillion KRW, including large-scale investment agreements with POSCO Future M Co., Ltd., Jeonnam Cloud Data Center Co., Ltd., and POSCO Lithium Solutions Co., Ltd., creating 1,544 jobs this year.

In addition to investment achievements in the city’s traditional key industries such as steel and chemicals, it also led large-scale investments from secondary battery material companies and upstream and downstream anchor companies.

The investment attraction performance related to secondary battery companies accounted for 66.5% of the total investment, amounting to 1.7801 trillion KRW, laying the foundation for the city’s leap as a global new growth industry hub.

Furthermore, the city announced key achievements in 2023, including signing an exclusive agreement with a plum liquor production company to secure stable sales channels for local specialties (such as plums) and supporting the relaxation of investment regulations on the Donghoan site in the Gwangyang National Industrial Complex.

Despite the challenging economic situation, Gwangyang City plans to open a new era of investment attraction with 20 companies and 3 trillion KRW in investments in 2024, based on the key policies pursued this year, aiming to become a balanced development hub city in the southern coast and southern central region.

Additionally, the city reported on current investment attraction projects such as the major transformation of the Gwangyang venture business ecosystem, plans to participate in the Jeonnam venture fund, efforts to attract large warehouse-type distribution facilities, a comprehensive survey of customized industrial complexes, and plans to attract investment from unmanned helicopter manufacturers.

Following this, the committee approved the original proposals regarding the 2023 performance bonuses for outstanding contributors in investment attraction, 50% support for the guarantee insurance premium fees of three investment companies, and the 2024 support projects for local investment promotion subsidies for investment companies, provincial subsidies, site subsidies, and guarantee insurance premium fee support projects.

Kim Jong-hee, CEO of Jinseong Electric, suggested, “Along with investment attraction, the shortage of workers at industrial sites is a serious issue. I understand that Gwangyang Steelworks and Yeosu Industrial Complex are designated as national key industrial sites, making it impossible to hire foreign workers.” He requested, “Please make efforts to ease regulations so that foreign workers can be hired.”

Mayor Jeong In-hwa of Gwangyang City said, “Despite difficult external conditions, our city has achieved remarkable results this year.” He added, “Investment attraction leads to job creation and youth inflow, making it very desirable and the most essential economic activity. We will do our best to maintain this momentum in 2024 by supporting the advancement of key industries, fostering new industries, creating a business-friendly environment, and generating jobs.”

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