GWANGYANG — The Gwangyang Bay Area Free Economic Zone Authority said on the 9th that it signed investment agreements worth a combined 1.0655 trillion won ($740 million) with four companies in future industry sectors.
The signing ceremony took place at the Gwangyang Bay Area Foreign Investment Promotion Forum, held at the Sonocalm Hotel in Yeosu. The forum was themed "New Opportunities for Foreign Investment in the Gwangyang Bay Area in the Era of the Jeonnam-Gwangju Integrated Special City." The investments span energy, offshore wind, industrial plants and defense.
The authority expects the investments to create 238 new jobs once carried out as planned. It also expects the region's strategic industry base to be strengthened further.
The largest commitment comes from CGN Yulchon Power, which will invest 900 billion won in the Yulchon Industrial Complex. The company plans to build a 557-megawatt natural gas combined-cycle power plant. The project is expected to improve the stability of electricity supply to the Yulchon complex and surrounding areas.
EEW KHPC, a German-affiliated firm, will invest 122.8 billion won in the eastern hinterland complex of Gwangyang Port. It plans to expand production facilities for offshore wind foundation structures, including large-diameter steel pipes.
Defense contractor With PS will invest 22.7 billion won in the Haeryong Industrial Complex to expand production facilities for specialized generators used in defense applications.
Hi-Tech Engineering will invest 20 billion won in the Yulchon Industrial Complex to build facilities for manufacturing and assembling industrial plant modules and steel structures.
Min Hyung-bae, mayor of the Jeonnam-Gwangju Integrated Special City, said the investments mark an important turning point in strengthening the industrial competitiveness of the Gwangyang Bay Area. "The Jeonnam-Gwangju Integrated Special City, the cities of Yeosu, Suncheon and Gwangyang, and the Gwangyang Bay Area Free Economic Zone Authority will actively support corporate investment," Min said.
Koo Chung-gon, commissioner of the Gwangyang Bay Area Free Economic Zone Authority, said the international forum served as an opportunity to promote the region's investment environment and produced results exceeding 1 trillion won. "We will contribute to attracting more foreign investment by building a global cooperation network," Koo said.
The authority is targeting 2.4 trillion won in investment this year, from 37 companies, with a goal of creating 1,270 jobs.
