Gyeonggi Province Launches Overseas Investment Promotion Activities in Preparation for 'Phased Return to Daily Life'

[Suwon Ilbo=Park Nohun] Gyeonggi Province is launching customized overseas investment promotion activities by country and industry in preparation for the era of phased return to daily life following COVID-19 (living with COVID).

The province determined that relying solely on existing individual consulting-centered investment attraction activities would be insufficient to secure adequate investment demand from companies following COVID-19, and that fundamental changes are necessary to attract substantive corporate investment internationally. Accordingly, Gyeonggi Province is taking the initiative in promotion activities to leading overseas companies and laying the groundwork to attract increasingly active international investment.

First, the province plans to actively attract foreign companies to Gyeonggi Province by securing regional and industry-specific networks targeting overseas clusters that are creating multiple new business opportunities through innovation cluster activities by international region.

For the German region, the province is promoting the attraction of advanced industries including future automobiles, targeting companies located in Munich's Bavaria region, where future-oriented industries such as automobiles, aircraft, and electrical and electronic products are well-developed. The province plans to promote Gyeonggi Province's excellent investment conditions through the Munich Chamber of Commerce's economic monthly magazine (WIRTSCHAFT), which has a monthly circulation of 114,000 copies, thereby creating future contact points with substantive companies in future growth industries.

For the French region, the province is promoting foreign company attraction targeting the 'Grenoble' region, located in the southeast and leading Europe's advanced scientific development—Europe's Silicon Valley.

The 'Grenoble' region is abundant in advanced companies and research institutions in the IT and semiconductor fields, with some 37,000 companies, including Apple's image sensor research center, Huawei's research center, STMicroelectronics' research center, Applied Materials, and South Korea's Naver Labs.

Gyeonggi Province previously attracted the Air Liquide Research Center, an industrial gas company, which is also located in the region, indicating great potential for cooperation with Gyeonggi Province. The province plans to reach out to local French companies through the Grenoble Chamber of Commerce's economic magazine (Présence) newsletter and website.

For the UK region, in collaboration with the British Chamber of Commerce in Korea, the province is promoting foreign company attraction targeting the automotive cluster (NEAA) located in the northeast England region to more actively respond to environmental changes in the automotive industry and enhance efficiency.

This region is the largest automotive industry cluster in the UK, with 300 member companies, accounting for one-third of UK automotive production and 26% of European electric vehicle production.

Through promotion targeting the UK northeast England automotive cluster, the province is expected to strengthen Gyeonggi Province's capabilities as a center for enhancing domestic automotive industry competitiveness by attracting foreign companies.

For the New Zealand region, collaboration with the New Zealand Chamber of Commerce is planned to attract research and development (R&D;) centers in artificial intelligence, IT, film, and content industries—the region's main industries—to Gyeonggi Province.

Active discussions are underway to promote the annual Korea-New Zealand event 'Tech Road Show,' which provides New Zealand companies with opportunities to enter the Korean market, as well as promotion linked with New Zealand's artificial intelligence, IT, and film associations.

Additionally, the province plans to conduct promotional activities in the latter half of this year to enhance awareness of Gyeonggi Province investment through the 'New York Times,' published in 29 countries in Europe and the Asia-Pacific region, and the 'AmCham Journal,' distributed to approximately 1,300 executives of domestic multinational corporations and large enterprises, as well as major Korean-US public institutions and major hotel business lounges.

Starting promotions in October, Gyeonggi Province plans to lay the foundation for its position as a center of advanced and future industries by aggressively and strategically attracting investment through local investment briefings and other means once the COVID situation stabilizes and overseas activities resume next year.

Lee Min-woo, director of the Province's Investment Promotion Division, stated, "To overcome the global economic downturn caused by COVID shock and secure global competitiveness, we are establishing mutually close cooperation systems with foreign chambers of commerce in Korea, which are global economic organizations." He added, "We will broadly secure networks with foreign regions and industrial clusters capable of sustained cooperation with Gyeonggi Province, and in the long term, attract major companies in K-semiconductors and advanced industries to the province, laying the groundwork for fostering future growth industries."