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Saemangeum

Saemangeum awaits Korean and Chinese investors and entrepreneurs
who will jointly create new opportunities through economic cooperation.

Saemangeum Korea-China Economic Cooperation Complex(SECC)
and Korea-China Industrial Cooperation Complex(SICC)

The Saemangeum Korea-China Economic Cooperation Complex (SECC) is an open economic zone that is to be jointly developed by Korea and China. Since the 2014 Korea–China Summit, the Korean government has been promoting the development of Saemangeum as an issue of high priority on its national policy agenda. At the forefront of the development of the SECC is the creation of the Korea-China Industrial Cooperation Complex (SICC), which will promote the industries of Korea and China in accordance with the bilateral free trade agreement. The officials of the two governments—the Ministry of Trade, Industry and Energy in Korea, and the Ministry of Commerce in China—regularly meet through the Vice Ministers’ Meetings to accelerate the progress of the SICC development project in Saemangeum.

Saemangeum Project Map

새만금 사업 조성도

* Source: Saemangeum Development and Investment Agency

Saemangeum Project

Saemangeum Project is an ambitious undertaking through which the Korean government seeks to create a new economic, industrial, and tourism hub in Northeast Asia by developing a vast reclaimed land in Saemangeum. Encompassing a total area of 409 km2, Saemangeum will amount to two-thirds of Seoul and one-half of Singapore in terms of size. The entire project is estimated to cost a total of KRW 22.2 trillion, including KRW 10.9 trillion from the central government, KRW 0.95 trillion from local governments, and KRW 10.3 trillion from the private sector. In an effort to ensure the successful progress of the project, the Korean government has newly established a central administrative agency, the Saemangeum Development and Investment Agency (SDIA), and is rolling out important infrastructure projects including harbor and roads. Furthermore, the Special Saemangeum Act has been legislated to provide a wide range of incentives and benefits for investors including tax exemptions and subsidies.

Saemangeum, the Center of Northeast Asia

동북아중심, 새만금

* Source: Saemangeum Development and Investment Agency

Geographical Location

Situated at the heart of the Pan Yellow Sea Region, Saemangeum provides easy access to China, Japan, and Eurasia. You can reach more than 60 cities with a population of at least 1 million each in just 3 hours by flight from Saemangeum. Located on the middle West Coast of Korea, Saemangeum also provides quick access to major cities in Korea including Seoul and Incheon in just 2 hours.

Geographical Location of Saemangeum

새만금의 지리적 위치

* Source: Saemangeum Development and Investment Agency

Why Invest in the SICC

Investors can instantly move into and start their businesses in Lot 1 and 2 of the Saemangeum Industrial Complex upon signing the tenancy contract. This site is already equipped with all the utilities that businesses need including electricity and water services. Diverse incentives being offered include tariff exemptions in the general bonded areas, long-term leases for foreign investing companies, and relaxation of regulations on foreign worker quota and immigration. The Korean Ministry of Trade, Industry and Energy, and the Chinese Ministry of Commerce have established a strong network of cooperation to turn Saemangeum into a new center of economic exchange and partnership between Korea and China.

Incentives for Foreign Investors in Saemangeum

The Korean government is actively recruiting foreign investors in the Saemangeum Program with a wide range of incentives including tax benefits, assistance with leases, and subsidies.

Tax benefits


새만금 세제지원 혜택
Target Type of Taxes Reduction Terms Investment Thresholds for Eligibility
Tenant businesses National taxes
Corporate tax
Income tax
100% exemption for five years, 50% discount for the next two years · Manufacturing: USD 30 million
· Tourism: USD 20 million
· Logistics: USD 10 million
· R & D: USD 2 million
100% exemption for three years, 50% discount for the next two years · Manufacturing: USD 10–30 million
· Tourism: USD 10–20 million
· R & D: USD 1–2 million
· Medical institutions: USD 5 million or higher
Tariffs
Excise tax
VAT
100% exemption for five years · Manufacturing: USD 10 million or higher
· Tourism: USD 10 million or higher
· Logistics: USD 10 million or higher
· R & D: USD 1 million or higher
· Medical institutions: USD 5 million or higher (for tariffs only)
Local taxes
Acquisition tax
Property tax
100% exemption for seven years, 50% discount for the next three years · Manufacturing: USD 10 million or higher
· Tourism: USD 10 million or higher
· Logistics: USD 10 million or higher
· R & D: USD 1 million or higher
· Medical institutions: USD 5 million or higher
Individual developers National taxes
Corporate tax
Income tax
100% exemption for three years, 50% discount for the next two years · Any developer planning a project worth at least USD 500 million in total cost, by investing USD 30 million of the developer’s own and/or with foreign investments for at least 50% of the total project cost
Tariffs 100% exemption for five years
Local taxes
Acquisition tax
Property tax
100% exemption for seven years, 50% discount for the next three years

 

Other incentives


새만금 기타지원 혜택
Type Featuring Investment Thresholds for Eligibility
Lease support · Up to 100 years of free lease (50 years initially, renewable for another 50 years) USD 30 million or more
Subsidies Investment subsidies · Up to 10% (or up to KRW 5 billion) of the total investment except for the initial KRW 1 billion USD 1 billion or more
Employment subsidies · KRW 500,000–1,000,000 per employee per month, up to six months For each business hiring at least 20 full-time employees and hiring new employees
Training subsidies · KRW 100,000–500,000 per employee per month, up to six month

 

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