According to Yonhap News,
(SEJONG=Yonhap News) On September 26, the Ministry of Trade, Industry and Energy (MOTIE) announced that it held "the 7th Foreign Investment Caravan" event for foreign-invested companies located in Honam region at MVL Hotel, Yeosu-si, South Jeolla Province.
MOTIE had a roundtable with representatives of 12 foreign-invested companies in Jeonnam, Jeonbuk, and Gwangju to discuss investment and management difficulties. At the event, three companies in parts, materials, and high-end consumer goods announced their plans to make USD 100 million (KRW 120 billion) additional investment within this year.
Honam region is a hub of trade between Korea, China, and Japan. With advanced logistical infrastructure, the region is said to have good access to big markets like China.
Building on such advantages, foreign investment in parts and materials including chemical and auto parts, appears to be higher (44.2%) than national average (24.2%).
479 companies from Japan, China, U.S., and others have invested USD 12.9 billion in Honam region to date, accounting for 3.8 percent of total Foreign Direct Investment (FDI).
Local government including Gwangju City, South Joella Province, North Jeolla Province, Yeosu City, Suncheon City, Gwangyang City and related organizations including KOTRA took part in a policy committee on regional issues discussed measures to develop the region in connection with foreign investment.
MOTIE plans to push for foreign investment with focus on promising areas including chemical materials, auto parts and renewable energies in consideration of local characteristics.
There was also a policy seminar on supply stabilization of parts, materials, and equipment, exploring ways to revitalize regional economy by attracting investment in promising industries including high-tech chemicals, semiconductors and display, and future vehicles.
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Source: Yonhap News (September 26, 2019)
** This article was translated from Korean.