Goyang-si and the American Chamber of Commerce in Korea Sign Business Agreement

Over 800 AmCham Member Companies Including Google Join Hands for Investment Attraction and Economic Cooperation
Mayor Lee Dong-hwan: "AmCham and U.S. Companies' Interest and Investment Are a Great Boost for Free Economic Zone Designation"

Goyang Special City took a commemorative photo after signing a business agreement for mutual cooperation with the American Chamber of Commerce in Korea on the 2nd to promote investment attraction for realizing a self-sufficient city.

Goyang Special City, Gyeonggi Province (Mayor Lee Dong-hwan) announced on the 4th that it signed a business agreement with the American Chamber of Commerce in Korea (AMCHAM) on the 2nd at the city hall’s Open Market Office to promote investment attraction for realizing a self-sufficient city.

The signing ceremony was attended by Lee Dong-hwan, Mayor of Goyang Special City; James Kim, Chairman and CEO of AMCHAM; Park Sung-hyun, CEO of EnergyX; Cho Min-sik, Manager of Plug and Play Korea; and Song Min-su, CEO of Finance News.

AMCHAM, established in 1953 to promote investment and trade between Korea and the United States, is the largest foreign economic organization in Korea, consisting of over 800 companies including Google, Qualcomm, and Delta Air Lines, and more than 2,000 CEOs or executives as members.

Through this agreement, Goyang City and AMCHAM plan to cooperate on △supporting corporate investment attraction activities and economic cooperation △supporting various events such as investment attraction seminars and networking △enhancing cooperation between AMCHAM member companies and economic organizations and enterprises within Goyang Special City.

Mayor Lee Dong-hwan said, “I am pleased to sign this agreement with AMCHAM, the largest international chamber of commerce actively operating in various sectors of the Korean economy,” adding, “Goyang City is promoting an economic free zone to create a self-sufficient city, and this agreement will be a great support for the designation and activation of Goyang’s economic free zone.”

He continued, “Goyang has a large area capable of accommodating many global companies and has the advantage of being only 20 minutes from Gimpo Airport and 40 minutes from Incheon Airport. I hope for much cooperation so that various companies will take interest and invest in Goyang, and I look forward to continuing a cooperative relationship with AMCHAM.”

In response, James Kim, Chairman and CEO of AMCHAM, emphasized the importance of this cooperation, saying, “We are very pleased to provide more opportunities to AMCHAM member companies through cooperation with Goyang Special City and to support Goyang’s ambitious economic development goals.”

He added, “AMCHAM and Goyang Special City will build a close cooperative relationship under this agreement, and through this, we hope to foster new perspectives and mutual growth, contributing to Goyang’s emergence as a business hub.”

Meanwhile, Goyang City is implementing various developments and policies to become a self-sufficient city.

Based on abundant infrastructure, human resources, and favorable geographical conditions, it is promoting an ‘Economic Free Zone’ covering approximately 5.34 million pyeong to leap forward as a global self-sufficient city. It plans to attract industries such as bio and precision medicine, K-culture, MICE, smart mobility, AI, and aerospace to create an economic free zone for Korea’s innovative growth.

The economic free zone will improve the business environment for foreign-invested companies and domestic returning companies, as well as living conditions for foreigners, and facilitate foreign investment through various deregulations. Incentives include exemption from the Capital Region Readjustment Planning Act for foreign-invested and domestic returning companies, five years of customs duty exemption, and reductions in property tax and acquisition tax according to local government ordinances.

Additionally, the Ilsan Techno Valley project, covering about 260,000 pyeong, is underway with a target completion in 2026. It will focus on developing advanced technology industries such as bio-medical and media-content convergence industries, which are core industries of the Fourth Industrial Revolution.