Gyeongsangbuk-do and Gyeongju City drew attention as a venue for expanding global investment and economic cooperation a month ahead of the APEC Summit.
The 'APEC Member Economies and Gyeongsangbuk-do Investment Forum,' hosted by the Korea Trade-Investment Promotion Agency (KOTRA, President Kang Gyeong-seong) in cooperation with Gyeongsangbuk-do Province (Governor Lee Cheol-woo) and Gyeongju City (Mayor Joo Nak-young) on October 16, brought together approximately 300 representatives from 13 APEC member economies and domestic and foreign businesspeople. The event aimed to attract foreign investment to Gyeongbuk and Gyeongju City and expand mutual investment within the APEC region, sharing bidirectional investment opportunities and information in advanced industries.
APEC member economies account for an overwhelming share of our trade and investment. Nine out of the top 10 trading partners are APEC members, and the proportion of foreign direct investment (FDI) attracted from APEC member economies in '24 reached 64%. Foreign investment is a key driver of the regional economy, contributing to the growth of specialized local industries such as high-tech and tourism, and to job creation.
Gyeongsangbuk-do emphasizes the nurturing of advanced industries such as semiconductors, secondary batteries, bio-tech, and future mobility, and provides benefits like tax reductions to foreign-invested companies in these fields. Gyeongju City, where the APEC Summit will be held, leverages its cultural heritage and tourism resources to focus on smart tourism, creating eco-friendly industrial complexes, developing materials and components industries, and establishing a sustainable industrial ecosystem.
At the forum, following the presentations of strategic industries and investment environment by Gyeongbuk and Gyeongju City, member economies including Vietnam, Indonesia, and Mexico also introduced their national investment policies and opportunities, sharing possibilities for mutual cooperation.
In the morning, Gyeongsangbuk-do and Gyeongju City held meetings with 22 foreign-invested companies in an investment attraction consultation session, and in the afternoon, an overseas expansion consultation session was held, attended by APEC member economies and Korean companies. Representatives from Texas, USA, the Vietnam Trade Promotion Agency, and local industrial park officials also provided expert consultations on legal, tax, and labor matters for Korean companies considering overseas expansion.
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