GFEZ Conducts Activities to Attract FDIs from Nagoya and Osaka, Japan

GFEZ Commissioner Koo Chung-gon poses with officials of three Japanese companies after they signed an MOU at an investment attraction session targeting companies in the Nagoya area on April 24. (Photo: GFEZ)

Gwangyang Bay Area Free Economic Zone (GFEZ) dispatched delegations to attract foreign direct investments from Nagoya and Osaka in April.

The trade missions are part of the FEZ’s efforts to attract foreign direct investments (FDI). GFEZ targets 2.2 trillion in FDI from 30 companies, creating 1,300 jobs this year.

This year’s target was revealed at the 147th extraordinary session of the GEZ Cooperatives’ Meeting, which took place on Jan. 23.

To this end, the FEZ plans to explore future growth companies in the secondary battery, hydrogen, materials/parts, and logistics transportation areas and strategically attract them.

GFEZ also plans to nurture the Gwangyang Bay area as a global ESS production center.

GFEZ participated in the 2025 Osaka Expo, which takes place in Osaka for some six months from April 13 until Oct. 13.

Approximately 28,200,000 people from 161 countries are expected to attend the expo, one of the world’s largest international events.

The Ministry of Trade, Industry and Energy and Korea Trade and Investment Promotion Agency (KOTRA) are participating to promote the competitiveness of the Korean industry and culture.

GFEZ looked at Tayamaya’s digital tech pavilion and Japan Gas Association’s booth, among Japanese companies participating in the expo, and examined Japan’ recent IT industry and energy industry trends.

The GFEZ plans to reflect them in strategies to attract FDIs from Japanese companies.

GFEZ Commissioner Koo Chung-gon said, “We will adopt for attracting investments ways of bringing happiness and satisfaction to Japanese companies in Korea in accordance with the theme of the Expo, Presenting the international community’s presenting of joint solutions to create a sustainable society to support ways of happy life individuals think in a rapidly changing society.”

GFEZ dispatched a delegation to Ito Precision, a maker of precision parts for the semiconductor, automobile and plant automation sectors, and Elephantech with the world’s first metal inkjet printing technology.

The delegates discussed ways of making investments with officials of the two companies.

Ito Precision was selected as one of excellent SMEs by the Japanese Ministry of Economy, Trade and Industry in April 2023 for three years in row.

The Japanese company is seeking to find a joint venture entity to enter Korea, GFEZ said.

Elephantech, a flexible printed circuit board maker, is now collaborating with LG Display and Hyundai Motor.

GFEZ Commissioner Koo asked for the two Japanese companies to send a fact-finding team to GFEZ.

He said, “I expect the two companies with excellent technology competitiveness to make them big in the global market through collaboration with Korean companies, and we will give information related to Korean companies if they request and do our utmost to offer administrative support related to investments.”

GFEZ Launches Project to Develop Five-Star Global Brand Hotel at Gyeongdo Marine Tourism Complex in Yeosu

Gwangyang Bay Area Free Economic Zone said on April 27 a project to build a five-star global brand hotel at the Gyeongdo Marine tourism complex in Yeosu will be implemented in earnest.

The complex, comprising resorts, golf courses and marina facilities, will be built in the Daegyeongdo area in Gyeongho-dong, Yeosu, covering 2.15 sq. km at a cost of 1.5 trillion won.

GFEZ is building a multi-purpose tourism complex with accommodations, shopping and leisure functions to make it a center of the South Coast Tourism Belt.

The Mirae Asset Consortium, the developer of the project, has spent 25 billion won to sucre a site to build a new hotel.

It launched a project to relocate Gyeongho Elementary School in 2023.

A 29-story building with 307 hotel rooms will be built in the Gyeongdo Marine tourism complex.

The selection of the Honam area’s first global top brand and a fund for the implementation of the project was set last December.

The hotel will have subsidiary facilities, such as a grand ballroom, seminar rooms, inside and outside swimming pools and restaurants.

An international bidding process on the design of the hotel targeting global designers is to be held, with the goal of becoming a landmark design.

A groundbreaking ceremony is to take place in April 2026, with its opening slated for 2029.

The hotel is expected to contribute not only to increasing domestic and overseas tourists visiting Yeosu and the Honam area, but also raising the brand value of the region.

GFEZ Commissioner Koo said, “The launch of the five-star hotel project in Gyeongdo will get the development of the Gyeongdo Marine tourism complex back on the track and we will make Gyeongdo Jeollanam-do’s representative tourism center centering around the South Coast tourism belt.”