Free Economy
The Gwangyang Bay Area Free Economic Zone Authority signed MOUs with four companies hoping to invest in the free economic zone on Sept. 22. The signing ceremony was attended by Deputy Mayor of Yeosu Lee Seung-ok, and Deputy Mayor of Suncheon Myung Chang-hwan.
According to the agreements, GNB Energy, EcoPlan, KS Lab, and Niam Korea will invest 75.5 billion won (US$63.3 million) in the region. They are expected to be able to create a total of 360 new jobs in doing so.
GNB Energy and EcoPlan are to invest 65.5 billion won (US$54.9 million) in the Yulchon Industrial Complex. Specifically, GNB Energy will build a 33,000 square meter alternative fuel production plant utilizing waste tires at an investment of 35.5 billion won (US$29.8 million), and the products will be exported to Japan. The shipment is predicted to add 3,000 TEUs a year to the cargo volume of Gwangyang Bay. EcoPlan invests 30 billion won (US$25.2 million) in a 51,000 square meter area to set up a factory for artificial trees and artificial tree manufacturing equipment. Its products are slated to be supplied to the Korean, Chinese, and Japanese markets.
KS Lab is planning to produce anti-aging antioxidants, cosmetics materials, and the like in the free economic zone located in the industrial complex. Niam Korea will spend 5 billion won (US$4.2 million) on the production of silicon-based electronic and electrical materials for export to Japan. Both of them have plans for large-scale investments in the Sepung Industrial Complex currently under construction.