CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

North Chungcheong Province (Chungbuk) has decided to establish a foreign investment zone (FIZ) at Sincheok Industrial Complex in Jincheon.

The province plans to get an approval for designating a 330,000 square meter-site out of the 1.46 million square meter-Sincheok Industrial Complex being constructed as a FIZ.

To meet necessary requirements for the designation, the province is discussing with potential foreign investors including Japanese, American and German companies in the electronics and photovoltaic sectors.

Reportedly, the individual companies want a 33,000-66,000 square meter-site for their production base. If Chungbuk successfully concludes investment agreements with them, it will be able to satisfy requirements for being designated a FIZ.

To be designated a FIZ, an industrial site must have foreign companies investing in more than 60 percent of the site.

Chungbuk plans to ink memorandum of understandings with the foreign companies and complete investment notification procedures at the Korea Exchange Bank in as early as the late 2012, and then apply for the designation to the Ministry of Knowledge Economy next March or April.

Currently, the province has only one FIZ, Ochang Science Industrial Complex.

If designated as a FIZ, the site is able to be provided investment incentives including reduction of national tax and local tax, which serves as a favorable condition for foreign investors," said a Chungbuk official.

Source Text

Source: Yonhap News (July 20, 2011)

** This is the translation of a Korean article.