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Osong cosmetics cluster in Cheongju city became an Investment Zones nominee
A construction project to form a national cosmetics business cluster set to be located near Osong in Cheongju city by the end of the year 2025, was officially approved after deliberation from the in-house committee of the transport ministry. On the back of the decision, which led the community to place its name on the list of “investment zones”, designed to promote numerous opportunities for investment assistance, Osong will be authorized to be financed to build up industry base to accommodate the facilities. A set of incentive packages such as tax breaks or regulatory waivers and exemptions are also given to those who’re coming into the zone. Currently, the construction project, orchestrated by the Korea Land & Housing Corporation is underway. The total cost for the project is reported to total KRW 266.7 billion.
For groundworks before breaking ground, the provincial government started to get ready to secure budget allocation worth KRW 6.2 billion. With a plan to turn the cluster into a local hub, a geographic concentration of interconnected business of SMEs, the province is scheduled to establish a biz-support center providing a comprehensive range of services and testing ground where cosmetics using organic ingredients locally produced are developed for the new concept of ‘glocal’ marketing (a pormanteau of globalization and localization, which refers to change linear market expansions to more global levels). Once the cluster is established, it’s highly expected to create a cascade effect bringing a KRW 377.9 billion worth of production-inducing effect, a KRW 210.6 billion worth of value added creation effects and employment inducing effects which add over two thousand new jobs to the community.
ks@yna.co.kr
** This article was translated from Korean.
Date
2020.11.17
Views
259
According to Yonhap News,
A construction project to form a national cosmetics business cluster set to be located near Osong in Cheongju city by the end of the year 2025, was officially approved after deliberation from the in-house committee of the transport ministry. On the back of the decision, which led the community to place its name on the list of “investment zones”, designed to promote numerous opportunities for investment assistance, Osong will be authorized to be financed to build up industry base to accommodate the facilities. A set of incentive packages such as tax breaks or regulatory waivers and exemptions are also given to those who’re coming into the zone. Currently, the construction project, orchestrated by the Korea Land & Housing Corporation is underway. The total cost for the project is reported to total KRW 266.7 billion.
For groundworks before breaking ground, the provincial government started to get ready to secure budget allocation worth KRW 6.2 billion. With a plan to turn the cluster into a local hub, a geographic concentration of interconnected business of SMEs, the province is scheduled to establish a biz-support center providing a comprehensive range of services and testing ground where cosmetics using organic ingredients locally produced are developed for the new concept of ‘glocal’ marketing (a pormanteau of globalization and localization, which refers to change linear market expansions to more global levels). Once the cluster is established, it’s highly expected to create a cascade effect bringing a KRW 377.9 billion worth of production-inducing effect, a KRW 210.6 billion worth of value added creation effects and employment inducing effects which add over two thousand new jobs to the community.
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ks@yna.co.kr
Source: Yonhap News (Nov 9, 2020)
** This article was translated from Korean.