GWANGJU < invest Korea

According to Yonhap News,

Gwangju Free Economic Zone is injecting new energy to the local economy by nurturing new industries such as eco-friendly automobiles, energy, and artificial intelligence (AI) convergence as key strategic industries.

Gwangju-si said on September 13 that the Gwangju Free Economic Zone Authority (GFEZA) suggested the vision of 'AI convergence new industry hub for the future' when it opened the operation in January.

To overcome the limitations as a latecomer to FEZs (GFEZ was established the last in the country), it appointed an entrepreneur-turned investment attraction export as the administrator of the GFEZA and endeavored to strengthen competitiveness by forming a dedicated organization.

Its achievements include: an agreement to support investment attraction with the Korea office of China's Commercial Bank of Korea; investment agreement with Japan's Shangri-La Medical, an advanced regenerative medicine developer; and MOU on creation of innovative ecosystem with 10 industrial, academia, research institutions including the MOTIE, Gwangju City, and KEPCO.

It has also signed 21 investment and business agreements (MOUs) in eight months from its launch.

In particular, it was selected for a project to support the creation of an innovative ecosystem organized by the MOTIE, gaining momentum to establish a customized business support system.

GFEZA is carrying out various activities, including the promotion of the region, IR to discover investment demand, online promotion, consultation, and exhibition, among others.

It also laid foundation for transfer of advanced technologies and attraction of joint investment through 'roundtable' for investment attraction with Silicon Valley.

It also joined foreign commerce organizations such as the American Chamber of Commerce in Korea (AMCHAM) and the European Chamber of Commerce in Korea (ECCK), preparing IR sessions.

As the benefits used to be provided to only foreign-invested companies and reshoring companies are extended to companies investing in key strategic industries including domestic companies thanks to the revision of 'Special Act on designation and operation of Free Economic Zone' in June, GFEZA expects it would be helpful in investment attraction activities.

sangwon700@yna.co.kr

Source Text

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source:Yonhap News (September 13, 2021)