GANGWON-DO < invest Korea

According to Yonhap News,

As the government passed several revisions to the Restriction of Tax Reduction and Exemption Act, Wonju Enterprise City in Gangwon-do (province) expects the passage to serve as a favorable condition to attract more companies.

The revisions will extend the tax reduction period until 2015 for start-ups or companies that are seeking to be relocated from the Seoul Metropolitan area and have inked a cooperation agreement or a cooperation memorandum of understanding within this year.

Wonju Enterprise City was included in the neighboring area of the Seoul Metropolitan area, which resulted in reducing financial supports that had covered 70 percent of the land purchasing cost until 2009 to 20 percent from 2011 and eliminating tax breaks for companies from the late 2012.

For this year's project, the city has secured a 160 billion won fund. The fund will enable the city to start land preparation construction for industrial facilities as scheduled, the city expects.

Wonju Enterprise City is now almost 40 percent completed with the construction of industrial facilities and residential and commercial facilities to start this year and next year, respectively.

Nuga Medical has become the first company to be relocated to the city and start operation. A multi-complex center, which will include a standing medical device exhibition hall, a business center, factories up for rent, convenient facilities for companies and laboratories, will be completed within the first half of this year.

"The revision will lure more companies to Wonju Enterprise City. We will do everything we can to successfully complete the establishment of the city," said an official of the city.

Source Text

Source: Yonhap News (Jan. 3, 2012)

** This is the translation of a Korean article.