Gwangyang Bay Area Free Economic Zone Authority Signs Investment Agreements Worth KRW 1.0655 Trillion with Four Companies in Future Industries

【Financial News Gwangyang = Hwang Tae-jong】The Gwangyang Bay Area Free Economic Zone Authority signed investment agreements worth a total of KRW 1.0655 trillion with four companies in future-oriented industries, including energy, offshore wind power and defense, on the 9th.
The investment agreements were signed at the “Gwangyang Bay Area Foreign Investment Promotion Forum and Investment Agreement Ceremony,” held in the Grand Ballroom of Sono Calm Yeosu under the theme “The Era of the Jeonnam-Gwangju Integrated Special City: New Opportunities for Attracting Foreign Investment to the Gwangyang Bay Area,” according to the Gwangyang Bay Area Free Economic Zone Authority. The event was held in conjunction with the “World Island Exhibition Yeosu Korea 2026.”
Min Hyung-bae, mayor of the Jeonnam-Gwangju Integrated Special City; Koo Choong-gon, commissioner of the Gwangyang Bay Area Free Economic Zone Authority; Yeosu Mayor Seo Young-hak; Suncheon City Mayor Son Hoon-mo; and Gwangyang City Mayor Park Sung-hyun attended the ceremony. Company representatives included Chairman Shirin and CEO Song Ju-ho of CGN Yulchon Power, CEO Kim Deok-han of EEW KHPC, CEO Jang Young of High Tech Engineering and CEO Lee Sun-hyu of With PS.
Min Hyung-bae, mayor of the Jeonnam-Gwangju Integrated Special City, emphasized, "This investment will serve as an important opportunity to raise the Gwangyang Bay area's industrial competitiveness to the next level in future industries such as energy, offshore wind power, plants and defense. The Jeonnam-Gwangju Integrated Special City, Yeosu, Suncheon and Gwangyang cities, and the Gwangyang Bay Area Free Economic Zone Authority will work as one team to actively support the companies' successful investments, including through permits and investment incentives."
Koo Choong-gon, commissioner of the Gwangyang Bay Area Free Economic Zone Authority, said, "It is highly meaningful that, using the international event World Island Exhibition Yeosu Korea 2026 as an opportunity, we directly introduced the Gwangyang Bay area's investment environment to businesspeople from Korea and abroad and achieved tangible investment results exceeding KRW 1 trillion."
Under the investment agreements, CGN Yulchon Power, a foreign-invested company from Greater China, will invest KRW 900 billion to build natural-gas combined-cycle power generation facilities with a capacity of 557 MW at Yulchon Industrial Complex. The project is expected to help expand the foundation for stable energy supplies to Yulchon Industrial Complex and nearby areas.
EEW KHPC, a German company, will invest KRW 122.8 billion to expand production facilities for offshore wind power substructures, including large-diameter steel pipes, in the eastern hinterland of the Port of Gwangyang. The investment is expected to help the Gwangyang Bay area grow into a production hub for offshore wind power equipment by leveraging Jeonnam's abundant offshore wind potential.
With PS, a company specializing in defense equipment, will invest KRW 22.7 billion to expand production facilities for special-purpose generators for defense applications at Haeryong Industrial Complex.
High Tech Engineering will invest KRW 20 billion to build facilities for manufacturing and assembling industrial plant modules and steel structures at Yulchon Industrial Complex.
The Gwangyang Bay Area Free Economic Zone Authority expects the investments to create a total of 238 new jobs in the Gwangyang Bay area if implemented as planned. It also anticipates that they will further strengthen the foundation for future strategic industries, including energy, offshore wind power, industrial plants and defense. The investments are expected to make a significant contribution to this year's targets of attracting KRW 2.4 trillion in investment from 37 companies and creating 1,270 jobs.
Meanwhile, about 200 people attended the Gwangyang Bay Area Foreign Investment Promotion Forum, held in conjunction with World Island Exhibition Yeosu Korea 2026. Participants included representatives of foreign chambers of commerce in Korea, the Korea Foreign Company Association, the Korea Trade-Investment Promotion Agency (KOTRA)'s comprehensive administrative support center for foreign investment, domestic return and talent attraction, as well as global companies and related organizations.
The forum was evaluated as having helped promote the Gwangyang Bay area's excellent industrial and logistics infrastructure and investment environment to companies in Korea and abroad, while expanding the investment-attraction network with foreign chambers of commerce in Korea and global companies.
Koo Choong-gon, commissioner of the Gwangyang Bay Area Free Economic Zone Authority, said, "We expect this forum to serve as an opportunity to raise the Gwangyang Bay area's international profile and build a global cooperation network, thereby making a significant contribution to promoting foreign investment in the future."
Meanwhile, following the forum, the Gwangyang Bay Area Free Economic Zone Authority conducted a field tour in the afternoon for representatives of domestic and foreign companies. The tour covered major industrial sites in the Gwangyang Bay area, including the Port of Gwangyang, Yulchon Industrial Complex and Yeosu National Industrial Complex, giving participants an opportunity to directly assess the area's investment environment, including its industrial sites and port and industrial infrastructure.

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