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Jincheon-gun attracted KRW 8.7 tln in 6 yrs

According to Yonhap News,

Jincheon-gun, North Chungcheong Province, has exceeded its investment attraction target of KRW 1.4 trillion this year.

Jincheon-gun announced on November 1 that the amount of investment it attracted this year reached KRW 1.4269 trillion won, as of the end of last month.

It exceeded KRW 1 trillion every year in the past six years, recording an accumulative amount of KRW 8.7511 trillion.

It attracted about KRW 1 trillion more than its target of KRW 7.755 trillion.

Jincheon-gun analyzed that its investment attraction strategy focused on high-performing companies, which are effective in production inducement effects and job creation, worked well in the face of difficult economic environment due to the spread of COVID-19.

Major domestic companies such as CJ CheilJedang, SKC, Lotte Global Logis, and Hanwha Solutions are located in Jincheon.

This year, it signed large-scale investment agreements with New Cage and Orion.

The effect of investment attraction can be found in various economic indicators.

The amount of collected local tax as of the end of September recorded about KRW 48.3 billion, up KRW 12.5 billion from a year earlier.

It is the second largest amount, only behind Cheongju-si, among 11 cities and counties in the province.

In the case of corporate local income tax, it recorded KRW 33 billion, the second largest amount following Ulju-gun among the counties nationwide.

The employment rate in the first half of this year also recorded 70.2%, ranked 1st in the province for four consecutive years.

The number of employed people increased by 3,600 in the past year to 54,400.

An official from Jincheon-gun said, "the number of residential population of Jincheon exceeded 90,000, a record high, even in the era of population cliff", stressing "the virtuous cycle of job creation, population growth, and expansion of residential infrastructure caused by investment attraction has been established."

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Source: Yonhap News (November 1, 2021)

** This article was translated from Korean.