Investment agreements signed at foreign investment forum on Wednesday
The Gwangyang Bay area is home to Posco's Gwangyang steelworks and the Yeosu petrochemical industrial complex, spanning Yeosu, Suncheon and Gwangyang in South Jeolla Province. The area has secured 1 trillion won ($746 million) in investment.
The Gwangyang Bay Area Free Economic Zone Authority signed investment agreements worth a combined 1.07 trillion won with four promising companies on Wednesday. The companies operate in future industries such as energy, offshore wind power and defense.
The Gwangyang Bay Foreign Investment Promotion Forum and Investment Agreement Ceremony was held that day at the Sonokam Hotel near Odongdo in Yeosu. Attendees included Min Hyung-bae, mayor of the special integrated city of South Jeolla and Gwangju, and Koo Choong-gon, commissioner of the Gwangyang Bay Area Free Economic Zone Authority. Also present were Yeosu Mayor Seo Young-hak, Suncheon Mayor Son Hun-mo and Gwangyang Mayor Park Sung-hyun.
On the company side, participants included CGN Yulchon Power Chairman Xu Lin, CGN Yulchon Power CEO Song Ju-ho and EEW KHPC CEO Kim Deok-han. Also attending were Hi-Tech Engineering CEO Jang Young, WithPS CEO Lee Sun-hyu and other executives.
Foreign-invested company CGN Yulchon Power agreed to invest 900 billion won to build a 557-megawatt natural gas combined-cycle power plant at the Yulchon Industrial Complex. The complex spans the coastal areas of Yeosu, Suncheon and Gwangyang.
German company EEW KHPC will invest 122.8 billion won in a site behind Gwangyang Port's eastern side to expand production facilities for large-diameter steel pipes and other offshore wind substructures.
WithPS, a supplier to defense contractors including Hanwha Systems, will invest 22.7 billion won in the Haeryong Industrial Complex to build production facilities for specialized generators used in defense equipment.
The company manufactures specialized generators for defense applications such as multifunction radars and interceptor missiles. It is one of the key firms in Suncheon's push to build a defense industry cluster and ecosystem.
Alongside this, 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.
"If this investment proceeds as planned, it will create 238 new jobs in the Gwangyang Bay area and further strengthen the foundation for strategic industries such as energy, offshore wind power, industrial plants and defense," said Koo Choong-gon, commissioner of the Gwangyang Bay Area Free Economic Zone Authority.
parkds@heraldcorp.com
