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Jincheon Promotes Foreign Investment Zone

According to Jincheon last week, it will develop a part of an industrial complex into a foreign investment zone to attract foreign companies.

It aims to have a 82,000 m2 site designated as a foreign investment zone and expand it to 330,000m2.

The site will be the second foreign investment zone in the North Chungcheong Province following the Ochang Scientific Industrial Complex.

To be designated as a foreign investment zone, it needs to finalize investment plans in advance for more than 60 percent of its estimated sites, including signing a memorandum of understanding (MOU) with foreign companies.

Jincheon County is focusing on attracting foreign companies by cooperating with the North Chungcheong Province.

The county signed an MOU with Houzer, a U.S. sink manufacturer, when Governor Lee Si-jong visited the United States last month. The company will invest USD 15 million into the Sansun Industrial Complex and requested a site of 45,000 m2.

A French company also held an on-site inspection of the complex last month.

Jincheon plans visit Japan next month to hold investment information sessions and focus on attracting foreign companies.

It will also apply for designation to the Ministry of Trade, Industry and Energy this year by accelerating promotion of foreign capital.

A Jincheon official noted that a foreign investment zone will help to attract foreign capital with national tax and local tax exemption benefits.

The Korean government and private sector are collaborating to develop the Sinsu Industrial Complex. The complex reached 40 percent development and is to be completed by June 2014.

Source Text

Source: Yonhap News (July 6, 2013)

** This article was translated from the Korean.