GWANGJU < invest Korea

According to Yonhap News,

The Ministry of Knowledge Economy designated Gwangju R&D Special Zone on January 17th.

Special Zone Designation Committee of the Ministry decided to nurture Gwangju High-tech Industrial Complex, Jingok Industrial Complex, Sanryong District, and Nam-myeon and Jinwon-myeon, Jangseong-gun, Jeonnam-do (South Jeolla Province) as Gwangju R&D Special Zone in a bid to create a global hub for the optical convergence industry.

The Ministry plans to announce the designation in the official gazette on January 20th.

Accordingly, Gwangju City will invest KRW 650 billion by 2015 to foster specialized industries such as the next generation fiber convergence industry, eco-friendly auto parts and materials, smart home appliances, and next generation battery.

Gwangju will promote Gwangju R&D Special Zone into a research and production complex which is basically different from Daedeok Research Complex, and into an open special zone where Japanese and Chinese researchers will be involved.

Most projects to build roads, water supply and sewerage will be conducted as national ones. Also, special acts will be applied in development projects within the special zone, providing various benefits in the process of obtaining authorization and permission.

Research institutes and companies, which are willing to move into the special zone, will be allowed the full exemption of corporate tax and income tax. Acquisition tax, registration tax, and property taxes will be reduced or exempted.

Annually, KRW 60 to 70 billion will be provided to support research and development activities. Subsidies for employment insurance, employment, and education and training will be also granted to companies within the special zone.

Gwangju Mayor Gang Un-tae said “we hope Gwangju R&D Special Zone will grow into a global science park. To that end, special interest and support are needed in building infrastructure and attracting research institutes home and abroad.” He added “we ask the government to provide special support to enable the Special Zone to conduct research in basic science, research in application technology, and commercialization simultaneously.”

Source Text

Source: Yonhap News (Jan. 17, 2011)

**This is an English translation of a Korean news article.