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Chungbuk Shows Remarkable Economic Growth

According to Yonhap News,

(CHEONGJU = Yonhap News) Chungcheongbuk-do’s mining and manufacturing industries topped the nation in terms of productivity last year, growing by 7.6 percent.

The province announced its economic outcomes in 2013 on February 28. Last year, the national average productivity rate of mining and manufacturing industries was -0.1 percent.

Chungbuk recorded a 5.7 percent growth rate and ranked the second in the nation in 2012.

The growth was mainly carried by the manufacturing industry since there are not many mining businesses operating in the region.

The province explained that it achieved the results by focusing on attracting businesses by offering them a good business environment and establishing various support policies.

Since 2010, the province attracted a total of 2,277 businesses and KRW 20.1213 trillion in less than four years.

Job growth in Chungbuk last year was 3.2 percent (ranked fourth in the nation), and exports grew by 14.1 percent (ranked second in the nation).

Last year, the province invested KRW 771.4 billion in 188 business projects to create more jobs, and pushed ahead a business project to resolve the youth unemployment and employment mismatch.

It also invested KRW 12.5 billion to foster global export businesses, supporting 9,738 businesses for their 270 business projects including global marketing activities.

“This year, Chungbuk will attract a KRW five trillion investment, surpass USD 16 billion in exports and create 63,000 jobs,” said an official of the province. “We will increase the province’s portion of contribution to the national economy to four percent as soon as possible.”

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (Feb. 28, 2014)

** This article was translated from the Korean.