The representatives of the four companies each hold the copy of MOU they signed to invest in the free economic zone.(Photo:GBFEZ)

The Gwangyang Bay Free Economic Zone Authority led by Gov. Kwon Oh-bong signed the Memorandum of Understanding worth 7.6 billion won with four different investors on Sept. 27 at the authority’s second floor office.

Attending the signing ceremony included President Kim Ok-ja of Yuwon Industrial Technology, President Cho Mi-hee of PK Engineering, President Chung Keun-ho of Unchon E&G, President Kim of CM Food, and Gov. Kwon, Chmn. Lim Jong-ki of Yeosu City Council, Director Kang Young-sun of the Suncheon City Economy-Tourism Bureau, and Chief Park Hyung-woon of the Corporate Investment Promotion Team for Gwangyang City, among others.

Yuwon Industreial Technology plans to invest 1.5 billion won in the Yulchon Industrial Complex to build a plant for metal pressure equipment production, PK Engineering is to invest 2 billion won in the Haeryong Industrial Complex to build metal rod and metal plate cutting machine plant,  Unchon E&G is to invest 1.1 billion won to build a plant to turn out steel plates and CM Food is to invest 3 billion won to build a food processing plant in the Sepung Industrial Complex. The four companies are expected to hire around 80 new employees for their new plants and also expected to attract related firms to set up their plants nearby those plants to supply parts and other products needed by the new plants in the industrial complexes.

Gov. Kwon said the Gwangyang Bay free economic zone authority will not spare its support those firms so that they will make investments as soon as possible as they will certainly have other similar firms to invest in those industrial complexes after learning the advantages that the early investors found out before deciding to make investments in those industrial complexes.

The Gwangyang Bay Area is located on the Pacific Ocean’s main sea route. Based on this geographical advantage, the area provides business-friendly infrastructure with plentiful supplies of water and electricity. Centering on five districts themed on logistics, manufacturing, housing, tourism and other functions, the GFEZ aims to become an international trade city where new industries and cultural tourism harmonization.

• The Gwangyang Bay Area is located on the world’s largest China-North America sea route, as well as on the main sea routes of Northeast Asia and the Pacific Ocean.

• The zone has the closest port in Korea to major ports in Northeast Asia, such as Shanghai, Hong Kong, Osaka and Kaohsiung, making it an ideal location for shipping transport.

• The sea has a maximum depth of 41 meters, allowing the entry and departure of mega vessels weighing more than 300,000 tons.

• The zone is positioned to be the starting point for overland transport between Northeast Asia and Europe, and between Northeast Asia and Central Asia when connected to the Trans-Siberian Railway, Trans-Manchurian Railway and Trans-China Railway.

• Four airports in Yeosu, Sacheon, Gwangju and Muan are within 1 hour of the zone.

• Metropolitan areas are reachable within 3 hours via five highways, eight roads and 18 local roads.

• via KTX, Seoul is reachable within 2 1/2 hours.