Successful in New Growth Sectors Such as Secondary Batteries
Targets 2.2 Trillion Won and 1,300 Jobs This Year
The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Koo Chung-gon, hereafter referred to as Gwangyang FEZ Authority) announced on the 3rd that it attracted a total investment of 2.7 trillion KRW from 33 companies in 2024, achieving a 225% increase compared to the previous year (1.2 trillion KRW).
This is the largest achievement since the authority's establishment in 2004 and is evaluated as the result of Gwangyang FEZ Authority's strategic IR activities and customized investment attraction efforts.
The Gwangyang FEZ Authority successfully attracted investments in various fields such as secondary batteries, data, shipbuilding, tourism, and leisure.
POSCO Future M and POSCO Pilbara Lithium Solution Co., Ltd. invested 1.2 trillion KRW and 300 billion KRW, respectively, in the Yulchon Industrial Complex. Jeonnam Cloud Data Center plans to invest 400 billion KRW in the Hwanggeum Industrial Complex to build two data centers. In addition, Hanwha Ocean Ecotech is pushing for a factory expansion by investing 300 billion KRW in the Yulchon Industrial Complex.
The Gwangyang FEZ Authority is also working on establishing a global marine tourism hub and a supporting city for industrial complexes. In the Seonwol District, ground improvement for the development of a supporting complex is underway, and in the Hwayang District, the development of a complex tourism resort is being promoted.
These development projects are expected to improve the living conditions of local residents and contribute to revitalizing the local economy by attracting tourists.
Furthermore, the Gwangyang FEZ Authority is promoting an energy storage system (ESS) project with a scale of 1.5GWh and aims to establish an ESS manufacturing ecosystem in the Gwangyang Bay Area by attracting global ESS foreign-invested companies.
To this end, three Korea-China ESS forums have been held, and cooperation systems with domestic and international companies are being strengthened.
The Gwangyang FEZ Authority's goals for 2025 are to attract 2.2 trillion KRW in investments, bring in 30 companies, and create 1,300 jobs. To achieve this, the authority plans to expedite the development and timely supply of industrial land, establish a southern coastal hub-type marine tourism complex, and develop key supporting residential complexes.
Additionally, the authority aims to build an industrial ecosystem for secondary battery raw materials and materials, as well as establish a global ESS production base.
Koo Chung-gon, Commissioner of the Gwangyang FEZ Authority, said, "Last year's achievements by the Gwangyang FEZ Authority made a significant contribution to the sustainable development of the regional economy and job creation," and added, "This year, we will do our best to make the Gwangyang Bay Area a global industrial hub by attracting future growth industry companies such as secondary batteries and rapidly developing industrial land."
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