GANGWON-DO < invest Korea

Gangwon Province is emerging as a land of opportunities for companies that moved overseas but plan to return to Korea, or U-turn companies. Including Chunsung, two companies decided to move to the Bongmyung Industrial Complex, Chuncheon last March.

The province signed a memorandum of understanding yesterday with two Korean companies in Qingadao and they agreed to move to the province in near future.

High interest in Gangwon province as a destination for returning companies are likely due to dramatically improved transportation network, designation of the East Sea Free Economic Zone, inexpensive sites, enhanced industry-based social overhead capital and settlement conditions.

Gangwon Province is focusing on investment promotion by appointing eight investment promotion advisors, who are company CEOs and heads of Korean associations in five major Chinese cities where more than 150 Korean companies are located.

The province is reviewing establishment of a promotion center in Qingdao where the most number of Korean companies are in China, and plans to hold consistent promotion activities using a local network to identify companies which plan to come back.

A Gangwon official noted that the province will serve as a success case for companies preparing to come back to Korea, adding that its synergy effect will be large.

Source: Newsis (July 26, 2013)

** This article was translated from the Korean.