The Yellow Sea Free Economic Zone (YESFEZ) Authority plans to actively attract investment from Chinese electric vehicle companies by cooperating with the China Committee of Electric Vehicles 100 Members (China EV100).
Representatives of the YESFEZ Authority (President Lee Hwa-sun) of Gyeonggi Province attended the 5th International Electric Vehicle Expo held at the International Convention Center Jeju from May 2 to 6, and introduced the international business cooperation-based projects of YESFEZ to electric vehicle associations from home and abroad and other related parties.
Since 2014, the International Electric Vehicle Expo has been the only international electric car exhibition held in Asia. Officials from more than 150 companies — including Cha In-gyu, Vice President of Hyundai Motors Open Innovation; Ding Haimiao, Head Manager of BYD’s Asia Pacific Sales Division; Frank Steinleitner, CEO of Lamborghini Seoul; Choi Young-hwan, Marketing Director of Mercedes-Benz Korea; Jang Byeong-gyu, Chairperson of the Presidential Fourth Industrial Revolution Committee — and electric vehicle associations from over 20 countries including China, Denmark, Netherlands, Germany and Singapore participated in this year’s event, which celebrated its fifth anniversary.
The YESFEZ Authority decided to hold working-level consultations to support future Korean and Chinese vehicle manufacturers through three rounds of meetings with China EV100. Once concrete implementation measures are established, contracts will be concluded for mutual investment and the building of platforms for cooperation models in exports.
China EV100, founded in 2015, is a private association that promotes the growth of China’s electric vehicle industry and international cooperation through a network of more than 180 large enterprises, associations and government agencies related to the Chinese electric car industry. It participated in this event to strengthen international cooperation following the successful establishment of a cooperative network inside China.
Meanwhile, YESFEZ, selected as a major project implementer in the attraction of foreign investment by the Korean Ministry of Trade, Industry and Energy in 2018, is propelling various initiatives thanks to national financial support.
The YESFEZ Authority neighbors Pyeongtaek Port and is constructing the 2-million-square-meter Pyeongtaek BIX complex that includes manufacturing sites for the chemical, automotive, machinery and electronic industries, and logistics sites, as well as a 2.3-million-square-meter new town, Hyeondeok District, through a combined investment of KRW 1.5 trillion. Jointly operated by Gyeonggi Province and the Pyeongtaek Urban Corporation, YESFEZ is the only free economic zone in Gyeonggi Province; it provides resident companies with incentives such as tax exemptions under the Foreign Investment Promotion Act.
Of particular note, YESFEZ Authority will establish governance with the Pyeongtaek Port Corporation and the Pyeongtaek Customs Office to develop YESFEZ into an international cooperation base so that it can provide one-stop administrative services to future resident enterprises that integrate manufacturing, distribution, imports and exports. It also plans to open express warehouses for e-commerce companies around Incheon Port (the existing center) in the latter half of this year.
The Pyeongtaek BIX complex will start distributing lots during the second half of this year. Construction will be completed in September next year, but some infrastructure, such as electricity and water, will be ready first so that the companies that wish to start operations earlier may do so. Please contact the YESFEZ Investment Promotion Division (031-8008-8632) for more information.