GWANGJU < invest Korea

Gwangju has reported that the Jingok Industrial Complex is being constructed without difficulty. Construction began in June of 2011 on a 1,910,000㎡ site with an investment of KRW 332.7 billion. 26.5 percent of the complex was completed by March, and the city aims to complete 60 percent of it by the end of this year.

Once the complex is established, it will provide a 1,080,000㎡ site to address a shortage of factory lots in the region and help local firms achieve USD 16 billion in exports. Currently, a production plant of Hyundai Mobis, which was completed last December, is being operated and automobile parts manufacturers are building their factories in the complex.

Companies that move into the complex will receive various tax benefits, such as exemption of acquisition tax, exemption of property tax for five years in the event a plant is built or expanded, a 50 percent reduction of property tax for the following three years, exemption of corporate and income taxes for three years, and a 50 percent reduction of corporate and income taxes for the following two years.

The municipal government also plans to build the Pyeongdong 3rd General Industrial Complex, the Advanced 3-Area Industrial Complex, a base to produce 1 million units of automobiles, and an eco-friendly green car cluster.

“Considering that it is only five minutes away from Honam Expressway and Muan-Gwangju Expressway, and 20 minutes away from Seohaean Highway, the Gingok Industrial Complex is indeed the best industrial complex that can be developed with the Hanam Industrial Complex and reduce distribution costs,” said a government official.

Source: Yonhap News (Apr. 6, 2013)

** This article was translated from the Korean.