The Gwangyang Bay Area Free Economic Zone is stretching out to achieve its ultimate goal of encouraging investment of $25 billion, creating 240,000 jobs and drawing 120,000 residents to the area by 2020.

According to the Gwangyang Bay Area Free Economic Zone Authority, its commissioner Lee Hee-bong and a group of Korean-American business groups signed a deal on March 7 to invest $200 million in the area.

The Bizpost Group Consortium composed of the Los Angeles-based Korean-American group Bizpost as well as other investors is expected to invest in the medical, educational, tourism and service sectors in the GFEZ. The businessmen are also reportedly interested in establishing an international nursing school.

“We have seen a great development potential in the area. We might be able to expand our investment after observing the site with our co-investors,” said Bizpost group CEO John Kim. 

The news of further investment revs the GFEZ’s drive toward “Developing the world’s best industrial & logistic area,” which was initiated on March 23, 2004. The GFEZ is comprised of areas in South Jeolla Province and South Gyeongsang Province, including the cities of Yeosu, Suncheon and Gwangyang and Hadong County.

Aimed at creating a Northeast Asian logistics hub for steel-related materials and nonferrous metals, the GFEZ Authority launched five goals ― becoming the best national production base, an educational and medical hub, a tourism and leisure hub, the logistics hub of Northeast Asia and an international business area.

The GFEZ’s five zones ― Gwangyang District, Yulchon District, Sindeok District, Hwayang District and Hadong District ― specialize in various industries including logistics, bio-packaging, marine plants, leisure, education, the medical sector, tourism, cultural complexes, education and others.

The authorities have provided tailored support for individual businesses and launched aggressive deregulation programs. At the same time, an international school is ready to open for foreign residents and talks are in progress on the hosting of an international medical facility.

The GFEZ has handled 2 million 6-meter-long units per year for four consecutive years and has cemented its status as a logistics hub of Northeast Asia.

The authorities plan to invest $12.7 billion in 151 companies to create 32,000 jobs. The GFEZ was named the best free economic zone for four straight years by the central administration.

“There aren’t so many places that have the same conditions and environment as the Gwangyang Bay area. This 10th anniversary will be our starting point for becoming the world’s best city for industry, logistics and tourism,” Lee said.

By Bae Ji-sook (baejisook@heraldcorp.com)