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Okcheon Designated as Investment Promotion District

North Chungcheong Province announced that Chungsan general industrial complex and Okcheon medical equipment complex were designated as investment promotion districts in new development regions.

The designation was passed by a sub-committee on regional development and finalized with the Minister of Land, Infrastructure and Transport’s approval and public announcement.

Companies which move into the two industrial complexes will be given various incentives, including tax exemptions.

Companies that invest more than KRW 10 billion will be given exemptions for 100 percent of corporate and income tax for three years, 50 percent of those for two years, 100 percent of property tax for five years, 50 percent of that for three years and acquisition tax for 15 years.

Additional benefits for loans and sites will also be provided.

Housing priorities will be given to improve settlement conditions of employees who work at companies in the complex.

Chungsan general industrial complex and Okcheon medical equipment complex are expected to attract investment of KRW 193 billion from 27 companies, creating 1,190 new jobs and generating annual income of KRW 110 billion.

Chungsan industrial complex will be built in this year with investment of KRW 41.6 billion in a 350,000 m2 site, showing a sales rate of 66.4 percent.

Okcheon medical equipment complex was built with investment of KRW 14.9 billion March of 2011. Currently 73.3 percent of sites are sold.

Source Text

Source: Newsis (Aug. 12, 2013)

** This article was translated from the Korean.