GANGWON-DO < invest Korea

Gangwon Province will start attracting foreign investment to a free economic zone near the eastern coast of Korea and a project to develop a special Olympics zone.

It will actively use the tariff-reducing effects brought by the Korea-U.S. free trade agreement and the Korea-E.U. free trade agreement.

It plans to attract foreign firms by advertising investment advantages, such as low corporate tax, cheap electricity, clean resources, and a clean environment. In particular, it will focus on developing the free economic zone near the eastern coast of Korea as well as an industrial cluster in the special Olympics zone. It also plans to attract Canadian or U.S. manufacturers or bio enterprises through joint investments with the Scripps Research Institute and the Battelle Memorial Institute.

It is anticipated that lowering the criteria stated in the policy for foreigners to immigrate through real estate investments will have a positive influence on attracting foreign investment. Those who invest KRW 500 million or more can get the F2 visa (residency visa), and those who maintain their investment status for five years can receive the F5 visa (permanent residence status).

Source: Newsis (Apr. 19, 2013)

** This article was translated from the Korean.