GFEZ Commissioner Kwon Oh-bong.

The Gwangyang Bay Area Free Economic (GFEZ) Zone held a session to attract investors into the Hwayang District in Yeosu, designated as a leisure-tourism zone, at the Hotel President in Seoul on Dec. 2. 

The session attracted some 150 businessmen in tourism-related industries and financial officials who were interested in investments in the leisure and tourism sectors in the GFEZ area, particularly the investment environment of the Hwayang District and development plans of multi-purpose business complexes. 

In particular, officials from some 60 Korean leisure and tourism-related companies, including Emerson Pacific, participated in the session and demonstrated their keen interest in the development and investment of the Hwayang District. The GFEZ’s networking of such would-be investors is expected to be a boon to the area’s ability to attract investors in the leisure and tourism industries. 

The Hwayang District was designated as part of the GFEZ in October 2013. The GFEZ plans to invest 1.443 trillion won to develop the Hwayang-meyon area covering 9.99 square kms (3.02 million pyeong). The district is 15 percent complete, and the size of the undeveloped area stand 8.67 square km (2.62 million pyeong).

The GFEZ has been conducting a public contest to attract companies interested in new development projects for three months from Oct. 5. To this end, the GFEZ Authority has had investor-relations sessions to lure investors like Chinese real estate developers. Korean companies are expected to resort to diverse types of investments, including consortia, GFEZ officials said.

GFEZ Commissioner Kwon Oh-bong said at the session, “Korean and foreign companies are asked to pay keen interest and participate in a public contest to attract investments into the Hwayang District, and we will do our best to provide utmost administrative support to make investors a success.” 

The GFEZ was established in 2003 to build the world's best hub of logistics and advanced industry, and it has performed extremely well thus far. 

“It would not be too much to say that the GFEZ has been reborn as a major driver of national development that produces some 10 percent of national GDP,” said GFEZ Commissioner Kwon. 

He said that land, sea, and air transportation are all efficiently connected with the Gwangyang Port, which is the second-largest and busiest port in Korea, making the GFEZ the most advantageous location for international logistics, advanced industry, tourism and more. The presence of POSCO Gwangyang Steel Works, with the world's No.1 crude steel production capacity, and the Yeosu National Industrial Complex in the vicinity, make the area extremely attractive to related industries. Being located at the southern tip of the peninsula, the GFEZ is surrounded by nature and historical, as well as cultural assets. 

All these constitute a favorable environment to do business and live in, he added. 

To make the most of these favorable conditions and perform the leading role of a specialized economic zone, the GFEZ authority will be focused on the issues to ensure that the industrial complexes and hinterlands for national and international companies are promptly and smoothly developed. Also, to facilitate resident companies' management and operations and help them take the lead in job creation and stimulation of the regional economy, a one-stop support system will be provided. Investors' complaints will be actively solicited in the field to identify their difficulties and resolve them in a timely manner. In this regard, omni-directional policies will be established to give companies greater reason to invest to the GFEZ.

The Gwangyang Bay Area Free Economic (GFEZ) Zone hosts a session to attract investors into the Hwayang District in Yeosu, at the Hotel President in Seoul on Dec. 2. (Photos:GFEZ)