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Wonju Munmak「Mini Foreign Investment Zone」

■ Wonju-si, Gangwon-do

  • Area: 867.3㎢ (1.43 times that of Seoul)
  • Population: 326,000 (130,000 households)
  • GRDP (2011): KRW 5.551 Trillion *18.4% of Gangwon-do's total GRDP (KRW 30 trillion)
  • Regional characteristics: Geographical centerpiece connecting the western and eastern parts of Korea and hub of inland transportation
    ※ Only 40 minutes away from Seoul, Wonju is one of the best cities for business due to its close proximity to the Capital Area
  • Transportation network:
    - 2nd Youngdong Highway (to be completed in 2016), double-track railroad connecting Wonju and Gangreung (1hr away, to be completed in 2016)
    - Double-track railroad (Joongang Line) connecting Cheongrangri and Wonju (completed in 2012,) Wonju Airport

■ Project Overview

A Mini foreign investment zone has been designated among various national or regional industrial complexes in development in order to attract foreign-invested enterprises by offering competitive rents and tax incentives.
※ Article 18 of Foreign Investment Promotion Act.

□ Complex Overview

  • Location: Bangye-ri, Munmak-eup, Wonju-si, Gangwon-do
  • Area: 99,132.3㎡ (within Bangye General Industrial Complex, Munmak, Wonju)
  • Business Types of Tenants : Medical device, auto parts, machinery, metallurgical, electronic/electricity, food, etc.
  • Qualification requirement for tenants: A company entirely owned by a foreigner or wherein the share ratio of foreign shareholder(s) is 30% or more, with the total amount of capital investment made by foreign investor(s) at least KRW 100,000,000 or more
  • Rental fee: Temporarily set to KRW 10,000/3.3㎡ per year
    ※ Investment of USD 1 mil. or more in a business that involves high technology: 100% exemption from rents
  • Organized by: Governor of Gangwon-do (entrusted to Korea Industrial Complex Corporation)

□ Layout and Incentive

Item Rental fee discount and tax incentives
Rental Fee Temporarily set to KRW 10,000/3.3㎡ per year
    Requirements for discounts - High technology business & USD 1 mil. or more invested: 100% exemption
- General manufacturing & USD 5 mil. or more invested: 75% exemption
Tax incentive ① Invested more than USD 10 mil. for manufacturing and 5 mil. for logistics business
- Corporate tax: Tax exemption for 5 years (100% for 3 years, 50% for 2 years)
- Regional tax: Acquisition tax: 100% exemption for 15 years Property tax - tax exemption for 10 years (100% for 7 years, 50% for 3 years)
② Businesses that qualify for ① shall have their customs duties waived for 5 years.

■ Advantages for Investment

  • The manufacturing industry in Wonju has been growing rapidly by 8.5% per annum on the average.
  • Wonju has been designated as a Enterprise City(5,290,000㎡) and an Innovation City (3,612,000㎡) in Gangwon-do at the same time.
  • Wonju's medical device cluster development project has become an epitome for local industrial development programs in Korea.
    - Dongwha Exclusive Medical Device Complex, Wonju General Medical Device Support Center, Medical Engineering Dept., Yonsei Univ.
  • Development of Wonju National Industrial Complex in progress, with the theme of combining medical devices and auto parts industries.

□ Key Indices and Business Infrastructure

ㆍThe no. of medical device businesses in Gangwon-do (2012) accounts for 5% of the entire industry in Korea, constituting 21% of national production output and 24% of national export value.
* Average production and export performance per company are KRW 5.1 billion and 8 billion, respectively, which is 3 times the national average.
ㆍ6 industrial complexes in the city (2,305,000㎡)
ㆍLargest auto parts industry base in Gangwon-do (25 companies, 2,700 employees)
ㆍ3 graduate schools, 4 universities, 2 colleges, and 15 high schools
- Top special high schools in country, including Medical Device Meister High Schools and Gangwon Science High School
- Call Manager Management Dept. opened in 2012 in Sangji Youngseo University and Wonju Politech III

■ Wonju's Industrial Infrastructure

□ Investment Contacts

ㆍGangwondo Global Business Department :T.+82-33-249-2082
ㆍWonju City Business Support Team :T.+82-33-737-2991
ㆍWonju Branch, Gangwon Regional HQ, Korea Industrial Complex Corporation :T.+82-070-8895-7652