GJFEZ attracts 178.7 billion won from 16 core strategic industries in Gwangju Metropolitan City

- Involved enterprises include those in secondary battery materials, core parts for electric vehicles, and artificial intelligence 
- Mayor Kang: When companies come, people come, and jobs are created. We will expand our future economic prospects.

On August 6th, the Gwangju Free Economic Zone Authority (GJFEZ) signed an investment MOU with 16 companies in key industries, including secondary batteries and electric vehicles. This agreement amounts to an investment of 178.7 billion won and is projected to create 630 jobs.

The agreement ceremony, held at the City Hall Business Room, was attended by Gwangju Metropolitan Mayor Kang Ki-jeong and representatives and officials from 14 of the companies. Two other companies, though committed to the investment, were unable to participate due to scheduling conflicts.

Companies that entered the investment agreement include: Ostiogene Bio (USA), ELBNT Co., Ltd. (Hanam, Gyeonggi-do), Eunsung Heavy Industries Co., Ltd. (Sacheon, Gyeongnam), Dongjin Enterprise Co., Ltd. (Gwangju), DH Autolead Co., Ltd. (Gwangju), Jayeo Co., Ltd. (Seoul) Co., Ltd., Daejin T&P (Gwangju), SJ Co., Ltd. (Naju, Jeonnam), N Tool Co., Ltd. (Gwangju), Maru Engineering Co., Ltd. (Gwangju), Dongil Special Equipment Co., Ltd. (Gwangju), DanaCM Co., Ltd. (Seoul), Garion Co., Ltd. (Gwangju), Magnatech Co., Ltd. (Jangseong, Jeonnam), EK Co., Ltd. (Jangseong, Jeonnam), SS System Co., Ltd. (Gwangju). These comprise 8 companies from Gwangju and 8 based outside of Gwangju, including those in Seoul.

From an industry perspective, nine of these are related to the automotive sector, focusing on electric vehicle parts and vehicle equipment manufacturing. Four are tied to energy, specifically electric equipment manufacturing and secondary battery cell production. The remaining three are engaged in the convergence R&D related to artificial intelligence (AI). All these companies align with the Gwangju Free Economic Zone’s key strategic industries.

Mayor Kang Ki-jeong expressed, This investment underscores Gwangju's emergence as a business-friendly city. As companies establish themselves here, we see an influx of people and job opportunities. We aim to strengthen Gwangju’s foundational industries, nurturing areas like artificial intelligence (AI) and future vehicles to diversify our economic base.”

Following this agreement, the Gwangju Free Economic Zone Authority marks a significant milestone. Since the inauguration of its 8th term, it has collaborated with 34 companies in artificial intelligence, future mobility, and smart energy sectors. These partnerships represent a combined investment of 310 billion won and an anticipated 970 new jobs.

Ostiogenbio, the first foreign investor in the Gwangju Free Economic Zone and an American enterprise, boasts specialized technology in artificial bone development. This prowess is evident with their dental artificial bone, InRoad, which received U.S. Food and Drug Administration (FDA) approval last March. The firm is setting up its Korean subsidiary in Gwangju to collaborate on research with local universities and leverage the city's medical infrastructure. They're also launching a research institute in the Gwangju AI Convergence District, aiming to expand their reach in the global market.

ELB&T, located in the metropolitan area, specializes in R&D and prototype manufacturing for electric vehicles. Selected by the Saudi Arabian government to participate in the Korean Industrial Complex in Saudi Arabia, the company plans to establish a factory in Gwangju as it lays down roots to focus on R&D and the production and supply of essential components, gearing up for robust local production.

Eunsung Heavy Industries, based in Sacheon, South Gyeongsang Province, is venturing into marine leisure and resort businesses, grounded in its aluminum shipbuilding. It aims to establish a new research center in the AI Convergence District, targeting the research and development of autonomous navigation and next-gen eco-friendly ships.

Dongjin Enterprise, with unmatched expertise in cylindrical secondary battery assembly equipment, is a notable Gwangju company, collaborating with giants like LG Energy Solutions and Samsung SDI. With the increasing demand driven by electric vehicle proliferation, they're investing further in Gwangju, aspiring to become a premier domestic enterprise in the battery sector.

DH Autoride, a promising Gwangju-based company, excels in producing automobile equipment and parts. With plans to expand their facilities and plants, they're gearing up to establish a strong presence in international markets, including Indonesia and Vietnam.

Zayeo is set to boost Gwangju’s future automotive industry. Through building a new factory in the Bitgreen National Industrial Complex, they aim to specialize in producing and supplying PE modules for electric vehicles made by Kia and Gwangju Global Motors.

Established in July 2022, Daejin TNP operates as a secondary partner of Hyundai-Kia Motors. They're gearing up to supply Kia Motors with wheel assemblies. Moreover, by broadening their electric vehicle parts production at the Bitgreen National Industrial Complex and tapping into Gwangju Global Motors’ supply network, they are seeking avenues for growth.

Various other companies are making strides in the Gwangju Free Economic Zone. SJ and N Gonggu are focusing on electric equipment manufacturing, having just built a factory. Maru Engineering is expanding its automobile R&D center, Dongil Special is broadening its specialized vehicle manufacturing, Garion is augmenting automobile painting facilities, DanaCM is pioneering with its smart postpartum care and childcare big data research center, and Magnatech aims to set up a research center dedicated to secondary battery material development.

Although they were not able to attend the agreement ceremony, EK, having already resolved to invest in Gwangju, is expanding its smart factory automation equipment production. Meanwhile, SS System aims to bolster local industry competitiveness and job opportunities by establishing manufacturing facilities for communication equipment like CCTV and electronic display boards. The Gwangju Economic Zone Authority, while missing out on sealing the deal at the ceremony with these two companies, plans to finalize the agreements separately in the first half of this year.