Jeollanam-do Gains
Momentum in Luring Investments

Has inked deals worth 2.9 tln won with 16 companies in a recent IR session

The Jeollanam-do government has signed agreements on mega projects worth 2.93 trillion won in the province with 16 companies in a recent investor relations session held in Seoul.
In particular, the provincial government is also poised to ink deals worth $4.5 billion with foreign companies participating in the so-called J Project. The provincial government has been gaining momentum in luring investments from Korea and abroad in accordance with its designation of 2008 as the year in which it is putting more energy into attracting investments into the province.
The agreements the provincial government reached during the session held at the Seoul Lotte Hotel on March 26 break down into seven resort development projects worth 582 billion won; three theme park development projects worth 160 billion won; development of drama locations into tourist attractions worth 10.68 billion won; seafood town development projects worth 15 billion won; the development of an artisans'village with traditional Korean houses worth 17.5 billion won; construction of a convention center on Mt. Jiri worth 550 billion won; and construction of a "silver town"for pensioners worth 1.5 trillion won.
The biggest investor is a consortium headed by Landlovers Korea, which has agreed to pour 1.5 trillion won into a project to develop a retirees'village by capitalizing on Jeollanam-do's scenic landscape and warm and pleasant weather conditions. The Asia Cooperatives Research Institute inked two MOUs, including the 550 billion won one on the construction of a convention center in the Gurye area.
The provincial government reached two agreements related to Yeosu's hosting of the 2012 Expo. Ilsang Ocean Development Co. is undertaking the 200 billion won ocean resort project in Yeosu, while the Hwayang tourism complex project is underway with an investment of 1.5 trillion won. If they are completed as planned, they are likely to contribute to easing a shortage of the accommodations required for the hosting of the 2012 Yeosu Expo.
The provincial government is to soon sign the so-called J Project on the construction of a tourism and leisure town with a population of 50,000 on the southwestern coast with an investment of $4.5 billion of American investments on the Haenam-gun and Yeongam-gun areas covering 89.92 km2.
Jeollanam-do Gov. Park Jun-yung and Korea Exchange Bank President Richard Wacker signed an MOU on cooperation in boosting their efforts to attract investments into the province. Under the agreement, the provincial government will provide its support for submitting foreign firms'investment applications and all kinds of information conducive to attracting investments if the Korean Exchange Bank side requests it to do so. In return, the bank will carry out such duties as raising financial resources for the attraction of massive investments and consulting on the exploration of large-scale projects and support for financial dealings.
A KEB official said KEB, as a bank specializing in foreign exchange dealings, will offer optimum financial services for foreign investors or foreign companies wanting to make investments in order to help the province facilitate foreign investments.
The Haenam-gun County authorities signed a MOU on the development of the Haenam solar park with DW Solar Power. The agreement calls for the construction of the Haenam Marine Solar Park in the Hodong-ri area in Hwangsan-myeon, covering a shrimp farm and a former salt-making yard. The projected park will accommodate a photovoltaic power plant, an observatory, educational and research facilities, a salt-making experience camp, and a herb complex. The projected photovoltaic power plant will be capable of producing an average of 30,107,025 kW per annum, the largest such facility in Asia.
The Jeollanam-do government presented the province's matured investment conditions and 32 individual investment proposals to lure investments from Korean and foreign companies during the IR session that drew many CEOs and officials from construction companies, tourism developers, domestic and foreign investment firms and resort companies. KCCI Chairman Sohn Kyung-shik, Korea Exchange Bank's Wacker and Chinese Amb. to Korea Ning Fukui were also on hand.
Jeollanam-do Gov. Park said, "Investment conditions are becoming increasingly mature for the development of Jeollanam-do as a backwater area tailored to meet tourism needs of the people from the Seoul Metropolitan area as well as a marine tourism hub of Northeast Asia. And with its designation of 2008 as the year in which it is putting more energy into attracting investments, we are trying to change our province's fortune."The governor stressed, "Jeollanam-do will not spare any efforts to offer the best administrative and financial services to investors and provide aggressive support for infrastructure."Jeollanam-do became the first local government to hold such an IR session designed to lure outside investments since the inauguration of the Lee Myung-bak government. The provincial government's aggressive plans for the development of tourism and leisure cities and the undertaking of major tourism projects are expected to be sent to the policymakers of the central government. nw

Jeollanam-do Gov. Park Jun-yung and Korea Exchange Bank Chairman & CEO Richard Wacker hold up an MOU on cooperation in boosting investments into the province.