Governor Kim Youngrok Vows to Attract 450 Trillion Won in Major Corporate Investment

Kim Youngrok, Governor of Jeollanam-do, held a press conference on the 5th in the 4th-floor press room of the provincial government office and announced a plan to attract regional investment from large corporations worth 450 trillion won. Photo by Shim Jinseok

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Kim Youngrok, governor of Jeollanam-do, announced that he will begin in earnest to attract some 450 trillion won in large-corporate investment to the provinces.

At a press conference held in the press room on the 4th floor of the provincial government office on the 5th, Governor Kim said, "At yesterday's (4th) meeting on expanding youth employment and regional investment, attended by President Lee Jaemyung and the heads of major corporations, large companies such as Samsung, SK, Hyundai, and LG announced plans for 300 trillion won in regional investment," adding, "Jeollanam-do will make every effort to attract at least 150 trillion won of that 300 trillion won in corporate regional investment to Jeonnam and Gwangju."

He went on to explain, "Furthermore, for the Jeonnam-Gwangju Special City, which will be launched in July, we will secure an additional 300 trillion won in high-tech industries through new investment attraction."

He also presented concrete directions.

Governor Kim said, "As the AI and energy capital, Jeollanam-do leverages its strengths in abundant renewable energy and its designation as a special zone for distributed energy to provide stable eco-friendly power that can realize RE100, and in addition, it has all the conditions in place, including sufficient water resources and low-cost industrial sites," adding, "We will focus the southern part of Jeonnam on a semiconductor innovation belt, the western part on the renewable energy industry, and the eastern part on the petroleum, chemical, steel, and robotics industries."

He added, "In the Gwangju area, along with the semiconductor packaging industry, we will create an advanced convergence industrial complex, which will serve as the head of a semiconductor cluster, on the 3.3 million square meters of land to which the Gwangju civil-military airport will be relocated, and we will ensure that investment is made in advanced mobility industries such as autonomous vehicles."

He also outlined ideas for practical benefits that can be offered when companies move into the region.

Governor Kim stressed, "To expand corporate investment, the interest rate of the National Growth Fund should be applied differentially by region," adding, "Jeollanam-do will immediately begin consultations with the Financial Services Commission so that companies investing in Jeonnam and Gwangju can utilize low-interest funds with interest rates in the 1% range, instead of the existing rates in the 3% range."

In closing, Governor Kim added, "On the basis of these optimal conditions, Jeollanam-do will work with companies to foster our region as a hub for future high-tech industries," and, "We will strive to ensure that this leads to new hope and opportunities for all 3.2 million residents of the Jeonnam-Gwangju Special City."

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