SUWON — The city of Suwon has taken its investment pitch to Singapore, courting global advanced-technology companies in a city often called Asia's innovation hub.
Suwon said on the 16th that its delegation held an investment briefing on the Suwon district, a candidate site for designation as a free economic zone, at the Amara Hotel in Singapore the previous afternoon. Officials introduced the city's industrial competitiveness and investment conditions to local business representatives.
Suwon Mayor Lee Jae-joon attended the briefing, along with Suwon Metropolitan Council members Cho Mi-ok and Jung Ok-sun and the city delegation. Also present were officials from Singapore's science and technology agency, a Singapore startup promotion association and the Association of Korean Scientists and Engineers in Singapore, as well as representatives of 24 Singaporean companies.
Andrew Kim, chief executive of Laserval Technology and an investment promotion ambassador for Suwon, attended and presented the company's investment in the city. Laserval Technology, which specializes in intelligent engineering platforms, is headquartered in Singapore and operates a research and development center in Suwon. The company signed an investment agreement with the city in 2024.
The event opened with a welcoming address by the mayor, followed by a presentation on the investment environment in the candidate free economic zone district, corporate case studies, a ceremony for the submission of letters of intent and a briefing on procedures for foreign investment.
Six of the companies that took part submitted letters of intent to invest in the Suwon district to the mayor. The investments total $112.8 million, or about 151.8 billion won.
In his welcoming address, the mayor said Suwon is preparing for free economic zone designation as it seeks to become a global hub for advanced scientific research. "Beyond research and business facilities, we will attract housing, medical and cultural facilities for foreign residents, as well as prestigious international schools, to create an excellent living environment," he said.
"Suwon will be a reliable partner so that Singaporean companies can design their future in Korea and take on challenges freely," he said. "Together with business leaders, we will help lead the global flow of advanced industries."
Eom Sang-geun, head of Suwon's free economic zone task force, outlined the city's location, industrial base and investment incentives. He also presented Suwon's research and development ecosystem, built around semiconductors, artificial intelligence and biotechnology, and the potential for cooperation with global companies.
Suwon plans to use the briefing to identify in detail the areas of interest and investment demand among local companies. The city said it will follow up with tailored consultations for individual firms and maintain continued communication to turn the interest into actual investment.