International Investment
Gwangyang Bay Area Free Economic Zone (GFEZ, Commissioner Kwon Oh-bong) announced that it is visiting Jinan and Shenyang, the provincial capitals of Shandong and Liaoning provinces in China, and carrying out comprehensive activities to attract investment for tourism and leisure development firms in the Hwayang District for five days from Sept. 8 to 12.
The GFEZ Authority has chosen China’s Jinan and Shenyang as the target cities, considering the fact that they are large cities located inland with a population of 8 million, have a yearning for a marine environment, have an income level of US$14,000 (16.71 million won), and are the regions in where Hallyu, the Korean Wave, has spread.
During the five-day visit, the GFEZ Authority held “Yeosu Hwayang District Tourism and Leisure Development Business Information Session“, jointly hosted by Jinan Municipal People's Government, on Sept. 9 for 30 real estate development firms and travel agencies in Jinan. Then, it has signed business agreements with Jinan Comprehensive Free Trade Zone and Shandong Peninsular Blue Economic Zone to jointly seek cooperation projects between free trade zones and industrial complexes in a bid to prepare the era of the Korea-China FTA.
During the investment briefing session on the day, GFEZ Authority Commissioner Kwon Oh-bong said, “We will make every effort to help you succeed in the investment with active administrative support when you decide to invest in Hwayang District, which has a wonderful natural landscape and beautiful islands.” Heads of the firms that participated in the session said, “We are very much interested in Hwayang District and willing to visit there. We hope that the district becomes a Mecca of marine tourism frequently visited by tourists from Shandong province.”
The GFEZ Authority delegate is moving to Shenyang on Sept. 10 to sign an investment agreement worth US$300 million (358.05 billion won) with two companies that want to invest in the Hwayang District of the GFEZ. The two companies located in Shenyang will form a consortium to proceed with development in the Hwayang District.
They are expected to build luxurious villas, hotels, and seaside resorts in the district based on their experiences in the real statement development and the operation of hotels and resorts.
Also, GFEZ Authority will take part in “Korea-China FTA Briefing Session & Northeast Asia's Economists Exchange Meeting,” jointly hosted by the Korean Consulate General in Shenyang and Jinan Municipal People's Government, on Sept. 11. With signing a MOU with Yingkou Municipal People's Government for Korea-China FTA joint pilot projects, it will play a vital role in making the GFEZ an international trade base of the three provinces in northeast China – Jilin, Liaoning and Heilongjiang.