Goyang-si Signs Business Agreement with Gyeonggi-do Foreign Investment Companies Association

Mutual Cooperation for Designation of Economic Free Zones and Activation of Foreign Investment Enterprises

Goyang Special City, Gyeonggi Province (Mayor Lee Dong-hwan) announced on the 18th that it signed a business agreement with the Gyeonggi Foreign Investment Companies Council (GAFIC) on the 17th at the city hall's Open Mayor's Office to promote the designation of the Goyang Economic Free Zone and activate investment attraction.

Lee Dong-hwan, Mayor of Goyang Special City (right), is signing a business agreement with the Gyeonggi-do Foreign Investment Companies Council (GAFIC) on the 17th at the City Hall Open Mayor's Office to designate the Goyang Economic Free Zone and promote investment attraction. Provided by Goyang Special City

The signing ceremony was attended by Lee Dong-hwan, Mayor of Goyang Special City, Lee Byung-rak, Chairman of the Gyeonggi Foreign Investment Companies Council, and Kim Yong-moon, Secretary General. The main contents of the agreement include ▲ cooperation for the designation of the Goyang Economic Free Zone and activation of investment attraction in Goyang Special City ▲ cooperation in various tasks such as consultation related to foreign investment attraction in Goyang City.

The Gyeonggi Foreign Investment Companies Council was established in 2006 to promote exchanges among foreign-invested companies and foster a sound business environment.

The council operates the Gyeonggi Foreign Investment Companies Support Center (GSFIC) to resolve management difficulties of over 3,800 foreign-invested companies in Gyeonggi Province, improve the foreign investment environment, and support investment attraction.

Mayor Lee Dong-hwan said, “I am pleased to sign this agreement with the Gyeonggi Foreign Investment Companies Council, which works hard to attract foreign investment in Gyeonggi Province in various fields such as addressing difficulties faced by foreign-invested companies, investment consultation, and education support.” He added, “Goyang City has excellent conditions for companies to work, such as accessibility to the airport, securing outstanding talent, and top-level living conditions, so I ask for extensive promotion and support so that many foreign-invested companies can take interest in and invest in Goyang.”

In response, Lee Byung-rak, Chairman of the Gyeonggi Foreign Investment Companies Council, said, “We appreciate Goyang City’s warm hospitality.” He continued, “Goyang is a city with many advantages such as transportation and housing, making it an ideal city for foreign-invested companies seeking relocation, startups, or expansion to invest. We hope this agreement will serve as an opportunity for not only existing foreign-invested companies but also new ones to take great interest in Goyang.”

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, the city is promoting an ‘Economic Free Zone’ spanning 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, exhibition complex industries (MICE), smart mobility, 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 and domestic returning companies as well as living conditions for foreigners, facilitate foreign investment through various deregulations, and provide incentives such as exemption from the Capital Region Readjustment Planning Act for foreign-invested 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 aims to develop into a high-tech industry hub centered on bio-medical, media-content convergence industries, which are core industries of the Fourth Industrial Revolution.