CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

Chungbuk-do moved its target of investment attraction upwards to KRW 100 trillion for the 8th popularly elected local government. It raised the target after achieving more than KRW 50 trillion in only two years since its launch.

The governor of Chungbu-do said on June 11 that "we achieved more than KRW 50 trillion in the past two years," and added that "we will raise the target to KRW 100 trillion."

According to Chungbuk's government, it has attracted KRW 50.1105 trillion since the launch of the the 8th popularly elected local government in July 2022.

The achievement is about 83.5% of KRW 60 trillion, the initial target set when the government was launched.

Based on the analysis of Chungbuk-do, the economic inducement effects of 61.3 trillion in production, KRW 25 trillion in added-value, and 395,000 job creation are expected.

The governor said that "we need a turning point in the second half of this year, moving away from quantitative growth," adding that "we will continue to attract companies in high-tech industries such as next-generation semiconductors including HBM, the key to AI, next-generation battery including all-solid state batteries and advanced regenerative medicine."

In line with a changing industrial paradigm, the province will also pioneer new industries such as quantum industry, artificial intelligence, and hydrogen.

In particular, the province suggested such ideas as attracting more R&D focused companies including startups in high-tech and new industries, and focusing on education (international schools and AI talented school), medical (K-Bio Square), content (video, webtoon, game), and service (large-scale distribution, tourism) industries to transform the local economic structure, which was focused on manufacturing.

jeonch@yna.co.kr

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Source: Yonhap News, (June 11, 2024)