Samgyeopsal, or grilled pork belly, has evolved into more than just a meal for South Koreans. Gathering around a sizzling grill, people celebrate their achievements with cheers of "Well done today, let’s do even better tomorrow!" This tradition has become a unique community culture that fosters hope and unity.
Recently, during a visit to South Korea by Jensen Huang, CEO of NVIDIA, the culture of enjoying samgyeopsal with soju, known as 'samsso,' gained international attention. When Chung Eui-sun, chairman of Hyundai Motor Group, proposed an investment in Saemangeum, Huang responded, "If there’s great pork barbecue, I’d be happy to do it."
This exchange transcended mere humor, symbolizing the trust and shared vision for the future that NVIDIA and South Korean companies have built through close collaboration. It also highlights the significance of Saemangeum as a new hub for advanced industries in the context of global cooperation.
The government recently unveiled three major mega-projects aimed at propelling South Korea into a new era of growth. These initiatives include establishing advanced semiconductor production bases in the region, supported by essential infrastructure such as power and water supply. With the government promising comprehensive support for regional investments, fostering strategic hubs for balanced regional development and creating a business-friendly investment ecosystem have become more crucial than ever.
Saemangeum is one of the regions attracting increased investment interest from companies, including Hyundai Motor Group. As the establishment of an advanced industry cluster based on physical artificial intelligence (AI) gains momentum, Saemangeum is equipped with optimal locations and industrial foundations to meet the demands of corporate investment and business development.
Notably, in June 2023, the Saemangeum National Industrial Complex was designated as the first investment promotion district, covering 8.1 square kilometers. This initiative created a competitive investment environment for businesses. Since then, approximately 7.5 trillion won in investments have been secured, with companies from various sectors, including advanced industries like LS-E&F Battery Solutions and Future Graph, establishing operations there. To further expand these achievements, an additional investment promotion district covering 6.0 square kilometers was designated in April 2023, nearly doubling the area of the previous district.
The expansion of investment promotion districts is expected to facilitate discussions on investments from companies like Hyundai Motor Group and respond to the growing demand in future mobility, electric batteries, advanced materials, and data industries. This marks a turning point for industrial concentration and investment expansion. Accordingly, the Saemangeum Development Agency plans to ensure sufficient industrial land and stable power and water supply for companies residing in the investment promotion district.
Additionally, the agency aims to continuously enhance transportation and logistics infrastructure by establishing a 'Tri-Port' system that integrates ports, railroads, and airports, allowing companies to benefit from reduced logistics costs throughout the entire process of production, raw material procurement, and import/export activities. The expansion of the comprehensive bonded zone will also be pursued to provide various benefits, such as customs deferral and exemptions, further alleviating the financial burden on businesses.
Corporate investment is not merely about providing factory space. It requires a combination of fast permitting, stable infrastructure, workforce availability, logistics cost reduction, and living conditions that allow workers and their families to settle together. The Saemangeum Development Agency understands this well. It focuses on closely monitoring the entire process from planning and investment decisions to actual production activities, swiftly addressing any challenges that arise on-site.
Particularly in advanced industries, where initial investment scales are large and the pace of technological change is rapid, it is crucial for administration and infrastructure to keep pace with corporate investment speeds. Saemangeum offers ample industrial land and excellent scalability, allowing companies to design future projects from a long-term perspective. If supported by a robust power, water, transportation, and logistics system, Saemangeum can evolve into a new growth platform for South Korea's advanced industries, beyond just an industrial complex.
Moving forward, Saemangeum must create a virtuous cycle where companies invest and produce, talent gathers to work, and the region grows together. It is essential to connect investment attraction results to quality job creation and regional economic revitalization, translating industrial competitiveness into tangible changes that citizens can feel. The transformation of Saemangeum is just beginning. Our task is to seize this opportunity and develop it into a future hub where companies, regions, and the nation can grow together.
What does Jensen Huang mean by 'great pork barbecue'? It signifies a favorable investment environment characterized by swift administration, stable infrastructure, and predictable regulatory conditions. Saemangeum is creating an environment where companies can invest with confidence, equipped with the desired locations and institutional foundations centered around the investment promotion district.
We will not stop here. We will further enhance the competitiveness of the investment promotion district and continuously improve the conditions for industry, logistics, and settlement to create a more satisfying investment environment for companies. Our goal is to make Saemangeum the first choice for investment and the preferred space for future industries, preparing a rich and appetizing 'great samgyeopsal spread' with care.
* This article has been translated by AI.
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