GANGWON-DO < invest Korea

According to Yonhap News,

Gangwon Province inked MOUs with eight Japanese companies to entice investment to the East Seas area, which is highly likely to be designated a Free Economic Zone (FEZ).

Gangwon Governor Choi Mun-sun visited the headquarter of Nippon Commercial Development to ink an investment MOU for the development project of Mangsang Flora City in the East Sea.

Nippon Commercial Development is a professional real estate company with annual sales of 1.5 trillion yen. The company agreed to make $30 million investment in Mangsang Flora City during its visit to Gangwon.

Governor Choi also plans to visit Fukuoka to sign investment MOUs with Kyushu Nikkan Shokubutsu, HKT and Inoue Plantation to draw investment to Mangsang Flora City development project.

As Japan's largest flower auction companies, they will invest a total of $70 million in building flower exhibition, research center and launching an international flower auction project.

The MOUs will increase the number of foreign companies in the East Sea FEZ to 128. Of them, 54 are Japan-based companies.

The province believes that the recent foreign investment attraction from Japan assures competitiveness of the East Sea area, which will serve as a favorable condition to designate the region as FEZ.

Meanwhile, the Korean government will announce the evaluation result of four provinces that applied for the designation during the 49th meeting of FEZ Committee in July 2. Gagnwon has so far received the highest score among the candidate provinces.

Source Text

Source: Yonhap News (June 28, 2012)

** This is the translation of a Korean article.