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Daejeon city & Innopolis to form FIZ in Int’l Science & Business Belt

According to Yonhap News,

The city of Daejeon and Innopolis signed an MOU on Jan 11 to gear up for the investment promotion within the Foreign Investment Zone (FIZ) located inside the International Science & Business Belt in Daejeon city.

Under the contract provisions, both agreed to attract businesses developing high-technologies, especially those involved in the recently announced national development policies, Digital and Green New Deal, into the FIZ.

The authorities will set a pack of biz-support and incentive policies. The FIZ is a designated spot officially authorized by the city mayor or provincial governor in an attempt to provide affordable access to commercial/industrial properties, as part of investment incentives designed for foreign investors.

Daejeon city announced KRW 38.5 billion worth of budgets which will be spent on the formation of the FIZ on a 83,566㎡ site inside the Sience Belt.

The FIZ is highly anticipated to bring capital inflows, equivalent in value to USD 48 million, from foreign businesses in fuel cells, pharmaceuticals, bio-healthcare, semiconductors etc, production inducing effects, value added creation effects and employment inducing effects worth KRW KRW 27.5 million, KRW 74.9 billion and 1,300 new jobs respectively over the next five years.

Source Text

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Source: Yonhap News (Jan 11, 2021)

** This article was translated from Korean.