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Chungbuk Innovation City Designated as Urban High-Tech Industrial Complex

(CHEONGJU=NEWSIS) North Chungcheong Province announced that the Ministry of Land, Infrastructure and Transport has designated a part of industrial and cluster sites (22,4000 ㎡) of Chungbuk innovation city as urban high-tech industrial complex.

With the designation, the companies that have moved to the industrial and cluster sites will receive tax benefits including five-year deduction of acquisition and local tax.

The city will provide subsidies for the construction of a knowledge industry center and ease the building-to-land ratio (70%→80%) to attract corporate investment and promote industrial complex campus project.

"The Chungbuk innovation city is the only innovation city in Korea that has industrial sites. However, it was difficult for the province to secure competitiveness in its industrial complexes as it lacked systems to provide incentives to the tenant companies. The designation as the urban high-tech industrial complex will help the region to attract investment," said a province official.

The province plans to establish the urban high-tech industrial complex by next year and attract sectors including knowledge, culture and ICT.

Source Text

Source: Newsis (December. 30, 2014)

** This article was translated from the Korean.