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According to Yonhap News,
(CHUNCHEON = Yonhap News) The Gangwon Province (Gangwon) attracted a total foreign investment of USD 3.43 million as of November and, according to an announcement from the provincial office.
The figure is expected to increase at the end of the year, which will continue the upward trend started from the last year.
Tourism, construction and service industry make up the largest portion and recorded USD 3.2 million. Seven investments were made in those industries.
The province also successfully attracted eight investments worth USD 17 million from the logistics, electrics and medical industries, and four investments worth USD 24.1 million from the nonferrous metals, nonmetallic mineral and machine equipment industries.
In an attempt to improve the investment conditions for foreign investors, the province lowered the limit of investment immigration in Alpensia Resort from KRW 1 billon to 500 million.
Gangwon submitted the application to the Ministry of Trade, Industry & Energy to designate Wonju-Munbak-Bangue industrial complex as the “Mini foreign investment zone.”
Bio and medical-related investment agreements were concluded, including Quest Pharmatech-Adbiotech Strategic Alliance Agreement and the agreement between Boditech Med Inc. and Japan’s Akray Inc.
The approval process is currently underway for the ski hotel & resort development project, and the province also concluded the memorandum of understanding for developing Space Camp Korea in Chuncheon.
Sales and networking for medical devices investment will be progressed until the end of 2013.
Further improvement will be made in the foreign investment environment including the expansion of investment immigration in the Pyeongchang Winter Olympics special zone.
The province also aims to discover products for investment in various regions and industries, and make promotion both domestically and internationally.
The province plans to share information and collaborate with East coast Free Economic Zone Authority to hold joint investors relation to maximize the outcomes.
The province expects that the improvement of the investment environment will help maintain the upward trend in 2014.
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Source: Yonhap News (Dec. 3, 2013)
** This article was translated from the Korean.