Jeollabuk-do has attracted about W8.3 trillion in investment from 427 companies since July 2006 when the governor of the province was inaugurated.
In particular, the province attracted 11 global companies with an investment of over W100 billion during the period, greatly contributing to the regional development, Kim Wan-joo, governor of Jeollabuk-do said.
In an interview with Korea IT Times, the governor said, "Since I took office in 2006, the province has succeeded in luring companies engaging in such strategic industries as shipbuilding, solar energy, wind power and food, developing and diversifying the regional industrial structure."
Among the 11 companies are Hyundai Heavy Industries in shipbuilding and wind power, Doosan Infracore in large excavators, Danone in processing of dairy products, SolarWorld Korea in solar energy module, and Nexolon in solar wafers, Kim said.
"Thanks to active introduction of such global companies, Jeollabuk-do won the best institution award for attraction of foreign investment from the Ministry of Knowledge Economy in 2009," said Kim.
Attraction of foreign investment
Danone, a multinational food company, held a dedication ceremony in Muju in 2008 and started production, in earnest. SolarWorld representing the world's solar industry began to produce solar power modules in Wanju Science Industrial Estate.
"Key reasons behind the emergence of Jeollabuk-do as one of the best places for foreign investment are the Saemanguem project with the great possibility and the province's strategy to actively foster four industries, including advanced parts & materials, food industry and new & renewable energy," said the governor.
Along with this, Gunsan Free Trade Zone and Gimjae Free Trade Zone are equipped with best conditions of location for foreign-invested companies. In addition, the province has been offering prompt administration services to help foreign companies purchase land for factories easily and use simplified administrative procedures for investment, he said.
Foreign Investors Eyeing Saemangeum
Jeollabuk-do plans to make use of the ministry's international networks in disseminating its traditional values as well as publicizing the merits of doing business in the reclaimed Saemanguem area, the biggest landfill project in the world.
Ultimately, the Saemangeum project is geared toward establishing an industrial complex, tourism and leisure facilities, research, education, and residential areas.
"To foster Saemanguem area as the economic hub of Northeast Asia, it is a must to attract Saemanguem area companies both at home and abroad. Related to this, we are moving to create an investment environment favorable to foreign investors," said Kim.
He continued, "In addition, we will make a strong push for construction of new harbor and airport to keep international competitiveness in terms of logistics."
To herald the Saemanguem area now in an initial stage of development to the world, the province plans to attract international merchandize exchange, Northeast Asia Development Bank and top-level domestic and foreign medical institutions, said Kim.
Saemanguem emerges as the center of nuclear fusion
On Dec. 29 in 2008, Jeollabuk-do, Gunsan City and National Fusion Research Institute signed a memorandum of understanding (MOU) on construction of the fusion plasma research center and demonstration research center.
They officially named the fusion plasma research center and demonstration research center as "state nuclear fusion Saemanguem campus.
National Fusion Research Institute decided to invest W69.8 billion for construction of the research center during the 2009-2013 period, national Agenda project (NAP) and basic plasma project.
In addition, they plan to build the No. 2 Saemanguem campus and select five strategic sectors to create new industries based on fusion plasma origin technology.
Jeollabuk-do emerges as Mecca of new & renewable energy industry
Jeollabuk-do has selected new & renewable energy industry as regional strategic industry taking into account the industrial conditions and future growth potential for the first time among provincial governments, Governor Kim said.
"At the same time, the province has been actively fostering solar energy, wind power, hydrogen fuel cells as strategic sectors," he said.
The province succeeded in securing an initiative of the new & renewable energy industry thanks to its efforts to attract top-tier R&D centers and offering of the maximum 10 billion won in investment incentives, the highest in its kind in the country.
"For instance, we completed the value chain of the solar energy industry that links OCI, the world's No. 2 in poly silicone, Nexolon, Korea's No. 1 in ingot paper, SolarWorld Korea, Korea's No. 1 in modules, and Alti-Solar, Korea's No. 1 in thin-film battery," said Governor Kim.
By attracting Hyundai heavy Industries and KM armed with top-class international competitiveness and technology, the province is also pushing ahead with the first-phase project covering 40MW power generation estate, wind power technology center and wind power industrial estate.
"Along with this, we are pushing for luring six R&D centers worth W100 billion, including the material development center, Nano center, fuel battery core center, and wind power origin technology center," said the governor.
Major international events for 2010
To attract domestic and foreign tourists, activate a regional economy, and promote people's recognition of Jeollabuk-do, the province is making a strong push for attraction of international Jeollabuk-do in 2010.
"First of all, the province plans to hold the World's Food Tourism Festival at Hanok (Korean house) Village in October in order to introduce the region's top-class traditional foods to the world," Kim said.
It will also hold the international tourism conference at Daemyeong Resort in Buan in July to promote the regional tourism brand value of Jeollabuk-do.
"Through these international events, we will actively foster MICE tourism sector consisting of meeting, incentives, convention and exhibition this year," said the governor.
In addition, the province plans to attract more than five international events, including Korea-Japan-China provincial governments' exchange conference, the fifth Seoul initiative international policy forum, the next-general trade school, and CODEX Alimentarius Special Committee meeting.
About 150 domestic and foreign guests from 47 countries are expected to attend the fifth Seoul initiative international policy forum to be held in July, and another 150 guests from 40 countries are to participate in the next-general trade school slated in July, he added.
