Gwangyang Economic Zone Authority Signs Over 1 Trillion Won Investment Agreement with Four Companies in Future Industries

Expansion of Strategic Industrial Bases in Energy, Offshore Wind Power, Industrial Plants, and Defense

The Gwangyang Bay Area Free Economic Zone Authority announced on September 9 that it had signed investment agreements totaling 1.0655 trillion won with four companies in future industries such as energy, offshore wind power, and defense.

This investment agreement was signed at the "Gwangyang Bay Area Foreign Investment Promotion Forum and Investment Agreement Ceremony," held under the theme "The Era of Jeonnam-Gwangju Integrated Special City: A New Opportunity for Attracting Foreign Capital in the Gwangyang Bay Area," at the Grand Ballroom of Sono Calm Hotel in Yeosu.

Commemorative photo at the Gwangyang Bay Area Investment Agreement Ceremony held on the 9th at the Sono Calm Hotel Grand Ballroom in Yeosu. (From right: Younghak Seo, Mayor of Yeosu; Hunmo Son, Mayor of Suncheon; Seonghyun Park, Mayor of Gwangyang; Choonggon Koo, Head of Gwangyang Free Economic Zone Authority; Hyungbae Min, Special Integrated Mayor of Jeonnam Gwangju; Juho Song, CEO of CGN Yulchon Power Co., Ltd.; Deokhan Kim, CEO of EEW KHPC Co., Ltd.; Seonhyu Lee, CEO of With PS Co., Ltd.; Young Jang, CEO of High Tech Engineering Co., Ltd.). Provided by Gwangyang Free Economic Zone Authority

The investment agreement ceremony was attended by Hyungbae Min, Jeonnam-Gwangju Integrated Special Market, Chunggon Koo, Chief of the Gwangyang Economic Zone Authority, Younghak Seo, Yeosu Mayor, Hunmo Son, Suncheon Mayor, and Sunghyun Park, Gwangyang Mayor. From the business community, attendees included Shirin, Chairman of CGN Yulchon Power Co., Ltd.; Juho Song, CEO of CGN Yulchon Power Co., Ltd.; Deokhan Kim, CEO of EEW KHPC Co., Ltd.; Young Jang, CEO of High Tech Engineering Co., Ltd.; and Sunhyu Lee, CEO of With PS Co., Ltd.

The Gwangyang Economic Zone Authority expects that, if these investments are executed as planned, a total of 238 new jobs will be created in the Gwangyang Bay Area, and that the strategic industrial base for sectors such as energy, offshore wind power, industrial plants, and defense will be further strengthened.

CGN Yulchon Power Co., Ltd., a Chinese-capital foreign investor, will invest 900 billion won to build a 557MW natural gas combined cycle power plant facility in the Yulchon Industrial Complex.

This project is also expected to contribute to the expansion of a stable energy supply base for the Yulchon Industrial Complex and adjacent areas.

EEW KHPC Co., Ltd., a German-affiliated company, will invest 122.8 billion won to expand production facilities for large-diameter steel pipes and other offshore wind power substructures in the East Rear Section of Gwangyang Port.

By leveraging Jeonnam’s abundant offshore wind power potential, it is expected that the Gwangyang Bay Area will further establish itself as a hub for manufacturing components for offshore wind power equipment.

With PS Co., Ltd., a defense specialist, will invest 22.7 billion won to expand production facilities for special generators for defense in the Haeryong Industrial Complex, while High Tech Engineering Co., Ltd. plans to invest 20 billion won in building facilities for manufacturing and assembling industrial plant modules and steel structures in the Yulchon Industrial Complex.

The forum and investment agreement, held as part of the “2026 Yeosu World Island Expo,” aimed to promote the excellent industrial and logistics infrastructure and attractive investment environment of the Gwangyang Bay Area to domestic and international companies, and to expand networks for attracting investment with foreign chambers of commerce and global corporations operating in Korea.

More than 200 people attended the forum, including representatives of foreign chambers of commerce in Korea, the Korea Foreign Company Association, KOTRA’s Center for Foreign Investment, Domestic Return and Talent Attraction, along with officials of global companies and related organizations.

On the previous day, September 8, key international guests attended the “2026 Yeosu World Island Expo,” and a job fair for foreign students living in the eastern part of Jeonnam and Gwangju was also held in the afternoon of the 9th.

In the afternoon after the forum, domestic and international company representatives visited major industrial sites in the Gwangyang Bay Area—including Gwangyang Port, Yulchon Industrial Complex, and Yeosu National Industrial Complex—to directly inspect industrial land, ports, and other infrastructure, providing opportunities to see the area’s investment environment firsthand.

Hyungbae Min, Jeonnam-Gwangju Integrated Special Market, said, “This investment will serve as an important opportunity to enhance the industrial competitiveness of the Gwangyang Bay Area in the future industries of energy, offshore wind power, plant, and defense. Jeonnam-Gwangju Integrated Special City, Yeosu, Suncheon, Gwangyang, and the Gwangyang Economic Zone Authority will work together as one team to actively support successful investments by streamlining permits and offering investment incentives.”

Chunggon Koo, Chief of the Gwangyang Economic Zone Authority, commented, “This international event, the 2026 Yeosu World Island Expo, has allowed us to directly promote the investment environment of Gwangyang Bay Area to domestic and foreign businesspeople, and to achieve tangible investment results exceeding 1 trillion won. It is significant that this forum will serve as a springboard for enhancing the global recognition of the Gwangyang Bay Area, building a global cooperation network, and greatly contributing to future foreign investment attraction.”

Meanwhile, the Gwangyang Economic Zone Authority has set this year’s targets at attracting 2.4 trillion won in investments, bringing in 37 companies, and creating 1,270 jobs.

This content was produced with the assistance of AI translation services.