(Overseas Mission) Gyeonggi Province Governor Realizes Record Investment Attraction of KRW 4.3 trillion During First Overseas Mission
Createdd 2023-04-19 Hit 268
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On April 9, Gyeonggi Province Governor Dong Yeon Kim embarked on his first overseas mission since taking office with the aim of attracting foreign direct investment, expanding youth opportunities and establishing innovation alliances, and succeeded in attracting more than KRW 4 trillion in investment. He also signed Gyeonggi Youth Ladder Program agreements with prestigious U.S. universities as well an agreement with the World Federation of Overseas Korean Traders Associations (World-OKTA), and reaffirmed cooperative relationships with leading local governments in the US and Japan before returning home on April 19.
Over the span of 11 days and nine nights, Governor Kim travelled more than 25,000 kilometers through seven regions in two countries: Michigan, New York, Connecticut, Pennsylvania, and Virginia in the United States, as well as Tokyo and Kanagawa Prefecture in Japan. Governor Kim’s success in attracting a total of KRW 4.3 trillion in investment marks largest such amount secured by a Gyeonggi Province Governor in a single overseas mission.
Record-breaking investment attraction of more than KRW 4 trillion during a single overseas mission
Governor Kim, whose set investment attraction as the main purpose of this overseas mission, secured investments totaling approximately KRW 4.3 trillion from six foreign companies.
Governor Kim signed an investment agreement with ESR Kendall Square for the establishment of an eco-friendly complex logistics center valued at approximately KRW 3 trillion, as well as two additional investment agreements with Air Products and Linde, both industrial gas companies, for KRW 500 billion each. Moreover, Entegris, a semiconductor materials company, has pledged to establish a comprehensive research institute in Gyeonggi Province, while Japan’s ULVAC Group is expected to build technology development research institutes in Pyeongtaek City’s Eoyeon and Hansan foreign-investment industrial complexes through an investment of KRW 133 billion that is expected to create more than 150 jobs. Japan’s TOK, one of the world’s largest producers of the key semiconductor material photoresist, plans to invest KRW 101 billion in the Pyeongtaek BIX district for the construction of a photoresist manufacturing facility.
Two renowned US universities and World Federation of Overseas Korean Traders Associations sign agreements for Gyeonggi Youth Ladder Program
In addition to attracting investment, Governor Kim also signed agreements for the Gyeonggi Youth Ladder Program with the University of Michigan and the University at Buffalo (of the State University of New York) as well as with the World Federation of Overseas Korean Traders Associations.
The Gyeonggi Youth Ladder Program is geared to provide young people in Gyeonggi Province with opportunities to realize broader dreams through overseas university training and cultural experiences, thereby allowing them to explore various career paths. This program is expected to help narrow social gaps and enable class movement.
Following the two US universities, the University of Michigan and the University at Buffalo, Governor Kim entered a cooperation agreement with the World Federation of Overseas Korean Traders Associations (World-OKTA) for the Gyeonggi Youth Ladder Program during his visit to Japan.
As with the University of Michigan, Gyeonggi Province plans to sign agreements with other universities in the United States, China, Australia, and elsewhere, as well as with companies belonging to the World-OKTA, for annual participation in the Gyeonggi Youth Ladder Program.
Serving as a diplomatic envoy by pledging cooperation with the State of Michigan, Commonwealth of Virginia and Kanagawa Prefecture
Among the indispensable achievements of this overseas mission were meetings with the heads of key local governments and the realization of consensuses on exchange and cooperation.
Governor Kim met with Michigan Governor Gretchen Whitmer on April 11 and proposed the establishment of an innovation alliance in strategic industries such as automobiles, secondary batteries, and renewable energy. On April 14, Governor Kim agreed on the revitalization of inter-regional relations during a phone call with Virginia Governor Glenn Youngkin. The two promised to meet soon, raising expectations for the next bilateral occasion. On April 17, Governor Kim discussed means of cooperation with Kanagawa Governor Kuroiwa Yuji (Japan), who has a long-standing friendly relationship with Gyeonggi Province, regarding the Gyeonggi Youth Ladder Program as well as healthcare, sports, culture and the arts, pledging cooperation for the mutual development of both regions.
In these meetings, Governor Kim also asked for support of the bid by Busan Metropolitan City to host the 2030 World Expo, serving as a diplomatic envoy without hesitation. In particular, at the request of Hyundai Motor’s North American Research Institute (HATCI), Governor Kim conveyed an invitation to the Governor of Michigan to the completion ceremony of the HATCI test center, facilitating the advancement of local companies. He also signed an agreement with World-OKTA to host the 27th World-OKTA Convention in Suwon City, Gyeonggi Province.
Gyeonggi Province’s potential, Governor Kim’s in-depth dialogue yield better-than-expected results
Regarding the results of this investment attraction drive, Governor Kim said, “I am very satisfied. It was more than I expected… It has created a good foundation for more investment.”.
Provincial officials cited Gyeonggi Province’s potential as well as the in-depth dialogue between global corporate representatives, politicians and Governor Kim as the driving force behind these achievements.
The officials explained that global companies are paying attention to the potential of Gyeonggi Province where leading Korean companies such as Samsung, Hyundai and SK hynix are located and the world’s top 4 semiconductor equipment companies are operating; based on this potential, expectations are high for future development. Moreover, factors such as the location of Gyeonggi Province in the Korean capital region and province’s superior human resources played a part.
In fact, when Governor Kim started a conversation with a company representative or the head of a local government overseas, he emphasized Gyeonggi’s potential, saying, “Gyeonggi Province is a mecca for semiconductors not only in Korea but also internationally with 83% of the added value of semiconductors produced in Korea coming from Gyeonggi Province. Gyeonggi is an undisputed center of semiconductors where not only world-class semiconductor companies such as Samsung and SK hynix are located but also the world’s top 4 semiconductor equipment companies are operating.”
At the same time, Governor Kim also emphasized Gyeonggi Province’s willingness to actively support the development of high-tech industries when encouraging investment, saying, “We created a future growth industry department through structural reorganization, as well as semiconductor, biotechnology, advanced mobility, and AI/big data departments, among others.”
Governor Kim’s personal competencies also contributed greatly to his achievements in investment attraction. He noted, “It is very important to have an ice-breaker (such as a joke or light conversation topic before a meeting) about common interests before entering into business discussions and to be considerate of the other person… In that respect, most companies seem to react favorably.” Although such meetings can be rigid and tense, many deem that the conversation methods used by Governor Kim, who studied the other party’s interests in advance and softened the atmosphere with light conversation, were effective.
Governor Kim explained, “When we talked about the policy direction and will of Gyeonggi Province, most agree and express their intention to invest additionally. It was also very helpful to understand the governors and CEOs as individuals in advance.”
Meanwhile, Governor Kim said, “I said I would attract more than KRW 100 trillion in domestic and foreign investment during my term, and my performance so far says that I can achieve that goal. I am confident that Gyeonggi Province will see attract at least KRW 100 trillion in domestic and foreign investment.”
Gyeonggi Province plans to continue its active overseas investment attraction activities this year.
