Commissioner Kwon Oh-bong of the Gwangyang Bay Area Free Economic (GFEZ) Authority. 

Commissioner Kwon Oh-bong of the Gwangyang Bay Area Free Economic (GFEZ) Authority delivered his New Year’s message in which he pledged to make the Year of the Monkey a year in which they succeed in the development of the GFEZ with a challenging spirit and a sense of creativity, thus contributing to turning around the national economy.

GFEZ Commissioner Kwon made the remarks at a ceremony to kick off the 2016 business year at the GFEZ building in Gwangyang, Jeollanam-do, on Jan. 4. 

During the ceremony, Nara Panel President & CEO Shin Myung-gyun received the 2015 GFEZ Businessman Award from GFEZ Commission Kwon. He is one of the four persons who were awarded prizes in recognition of their contribution of the development of the GFEZ.

In the message, GFEZ Commission Kwon said his authority will aggressively push for attracting investments from Korea and abroad this year. 

“This year’s target of attracting investments is set at 2.4 trillion won, a higher level. Let’s do our utmost to achieve the goal with our authority’s determination of aggressively working in consideration of the internal and external economic conditions and changes,” he said. 

To this end, he called for his executives and staff members to push ahead with the development of industrial complexes now under construction according to schedule and create a virtuous cycle in which the attraction of investments can accelerate the development of industrial complexes. 

Second, Kwon said his authority will push for the development of the projected Gwangyang Saepung Industrial Complex in a flawless fashion without a hitch. GFEZ plans to complete the creation of the site for the industrial complex by June. The project calls for accommodating a functional chemical material cluster R&D center, bio packing material companies and an industrial estate in exclusive use of foreign investors. 

Third, the GFEZ commissioner said that his authority will step on the gas to develop the Hwayang District in Yeosu into a multi-purpose tourism zone. GFEZA has prolonged an international contest to attract FDI, particularly from Korean and Chinese investors.

Fourth, he called for pushing for the construction of infrastructure for the shipbuilding industry at the Galsa Bay in Hadong as originally planned. The project is designed to open an international marine plant research institute’s R&D center and the University of Aberdeen Hadong Campus. 

Fifth, Commissioner Kwon said his authority will redouble efforts to provide support to tenant companies moving into GFEZ.

GFEZ Commissioner Kwon delivers a speech at a ceremony to kick off the 2016 business year at the GFEZ building in Gwangyang, Jeollanam-do, on Jan. 4. (Photos: GFEZA)

GFEZ Hosts Session to Promote Development of Hwayang District in Yeosu

Roughly 150 businessmen and officials from some 60 Korean companies in leisure and tourism-related industries attend session to attract investors 

The Gwangyang Bay Area Free Economic Zone (GFEZ) 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).