Gwangyang Free Economic Zone Authority Signs 'Expansion Investment' Agreement with Chinese Sanitary Products Company

$5 Million Investment for Two New Production Lines

The Gwangyang Bay Area Free Economic Zone Authority (headed by Koo Chungkon, hereafter referred to as the Gwangyang Free Economic Zone Authority) announced on September 8 that it had visited the Guangdong Province Sanitary Products Association in China on the 6th to establish a cooperative relationship and signed an expansion investment agreement with the foreign-invested company Kingtops, which is based in the Gwangyang Bay Area.

Kingtops, which signed the expansion investment agreement, invested 10 million dollars in 2019 to build a facility on the western hinterland of Gwangyang Port, where it manufactures sanitary products for women and exports them to China, Taiwan, and Southeast Asia. The company plans to invest an additional 5 million dollars within this year to add two new production lines.

The Gwangyang Free Economic Zone Authority's Chinese Investment Attraction Team visited the Guangdong Sanitary Products Association in China on the 6th and signed an expansion investment agreement with Kingtops. Photo by Gwangyang Free Economic Zone Authority

At the signing ceremony, CEO Zhang Yong stated, "We are grateful for the attentive services provided by the Gwangyang Free Economic Zone Authority to foreign-invested companies. We decided on this expansion investment to increase exports to overseas markets such as China and Southeast Asia after manufacturing in Gwangyang."

Koo Chungkon, Commissioner of the Gwangyang Free Economic Zone Authority, said, "We appreciate the decision to make an expansion investment during these challenging times both domestically and internationally, and we will actively support the company to ensure there are no inconveniences in business management throughout the expansion process."

Prior to the investment agreement, a meeting was held to discuss exchanges and cooperation with Li Zonglin, Chairman of the KAWADA Sanitary Products Group and also Chairman of the Guangdong Province Sanitary Products Association.

Chairman Li Zonglin said, "The association consists of more than 260 member companies. We are looking for opportunities and methods to expand overseas, and we will recruit companies among our members who are interested in overseas investment to visit the Gwangyang Bay Area as soon as possible."

At the meeting, Commissioner Koo Chungkon explained, "The Gwangyang Bay Area is the optimal location for manufacturing and exporting sanitary products such as diapers and sanitary pads, as it is home to the Yeosu National Industrial Complex, which ensures an easy supply of raw materials like superabsorbent polymers, and also features Gwangyang Port, an international trade port. We hope that practical investment cooperation between our authority and the Guangdong Province Sanitary Products Association will be further expanded."

Meanwhile, after the agreement was signed, the Gwangyang Free Economic Zone Authority's investment promotion team moved to Xiamen on September 7 to participate in the 25th China International Fair for Investment and Trade, where they promoted the Gwangyang Bay Area and carried out investment attraction activities.