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According to Yonhap News,
Gwangju will hold a groundbreaking for the Jingok Industrial Complex designated as the Gwangju Research Development Special Zone.
The ceremony will attract about 200 participants including Mayor Gang Un-tae, Gwangju City Council President Yun Bong-geun, President of Gwangju Chamber of Commerce and Industry Park Heung-seok and citizens.
About 300 billion won has been injected to the Jingok complex that integrates various functions ranging from production to residence and distribution.
The complex will supply a 270,000-300,000 square meter-site to Kia Motors in accordance with the company's expansion plan. If completed, Kia Motor's expanded manufacturing facility will serve as a major force to enhance cooperation of automotive component companies.
Aside from the manufacturing industry, it will also supply land to cutting-edge research institutes including Clean Diesel Automotive Research Institute.
Companies that are certified as cutting-edge or research corporations will be exempted from corporate and income tax for three years and pay only half of them over the following two years.
Property tax will be exempted for five years and be 50 percent off over the following three years.
Companies that move from the Seoul Metropolitan Area are eligible for 100 percent corporate and income tax exemption for five years and 50 percent of them over the following two years. Their acquisition tax will also be exempted in case of purchasing land for factory or expanding manufacturing facility. The complex grants them a 100 percent property tax exemption for five years and then reduces the rate to 50 percent over the following three years.
"We will make the Jingok complex one of the best by intensively cultivating promising industries and aggressively attracting companies based beyond Gwangju," said Hong Jin-tae, a Gwangju official in charge of investment and employment.
Source: Yonhap News (Mar. 11, 2012)
** This is an English translation of a Korean news article.