Suwon City Holds 'Investment Promotion Briefing' for Local High-Tech Firms in Singapore

Suwon, Gyeonggi Province, held an investment promotion briefing for local high-tech company representatives in Singapore, the “Asian innovation hub,” on the Suwon District, a candidate site for a free economic zone.

Suwon City said on October 16 that it had held the briefing at the Amara Hotel in Singapore on October 15 local time. Attendees included a Suwon delegation led by Mayor Lee Jae-jun, representatives of Singapore’s Agency for Science, Technology and Research, the Singapore Startup Association and the Korean Scientists and Engineers Association in Singapore, as well as representatives of 24 Singaporean companies.

The event opened with welcoming remarks by Suwon Mayor Lee Jae-jun and featured a briefing on investment opportunities in the Suwon District, a candidate site for a free economic zone; a case presentation by Andrew Kim, CEO of Laserbal Technology Co., Ltd.; a letter of intent (LOI) handover ceremony; and guidance on foreign investment procedures.

Laserbal Technology, which signed an investment agreement with Suwon City in 2024, specializes in intelligent engineering platforms. Its headquarters are in Singapore, and it has an R&D center in Suwon.

Six of the companies attending the briefing presented Mayor Lee Jae-jun with letters of intent to invest a total of $112.8 million (151.8 billion won).

Suwon Mayor Lee Jaejun delivers welcoming remarks at an investment promotion briefing. Photo courtesy of Suwon City.

In his welcoming remarks, Mayor Lee said, “Suwon is preparing to be designated a free economic zone with the goal of becoming a global hub for advanced science and research. We will attract not only research and office facilities, but also housing, medical and cultural facilities for foreign residents, as well as prestigious international schools, to create one of Korea’s most desirable living environments.”

He added, “Suwon will be a reliable partner for Singaporean companies expanding globally to take on challenges and plan for the future in Korea. Together with you, we will lead the global advanced industries.”

Um Sang-geun, head of Suwon City’s Free Economic Zone Promotion Group, explained Suwon’s location and industrial environment, investment incentives, and R&D ecosystem centered on advanced industries such as semiconductors, artificial intelligence (AI) and biotechnology. He also outlined opportunities for collaboration with global companies, as well as opportunities for Singaporean companies to enter Korea and invest in the Suwon District, a candidate site for the Gyeonggi Free Economic Zone.

Suwon City plans to gain a detailed understanding of local companies’ areas of interest and investment needs, provide customized follow-up consultations with each company after the briefing, and maintain ongoing communication to turn their interest into actual investment.

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