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South Chungcheong Province (Chungnam) saw a dramatic rise in the amount of foreign direct investment (FDI) reported and received in the first half of this year.
The FDI reporeted in Chungnam surged 1.4 times to $306 million on-year from $213 million a year earlier, according to a domestic FDI report, released by the Ministry of Knowledge Economy (MKE).
The amount of FDI received also grew a whopping 4.8 times to $326 million from the previous year's $68 million.
Chungnam ranked first in terms of the ratio of FDI received as compared to FDI reported, with 106 percent, outperforming the Seoul Metropolitan areas including Seoul's 82 percent, Gyeonggi's 35 percent and Incheon's 52 percent.
The report analyzed that Chungnam's adjustment of industrial structures and growing investment from Japanese parts and material companies that team up with domestic conglomerates are attributable to the remarkable growth of FDI.
Among five companies the province signed investment attractions agreements with this year, three are Japanese companies.
In a response to the growing investment from Japanese companies, it is discussing with the MKE a measure to designate a 330,000 square meter-site in Cheonan Industrial Complex No. 5 (1.51 million square meter) as a complex-type foreign investment zone.
"We believe our aggressive efforts to draw foreign investment by sending
trade delegations abroad have eventually borne fruit. We will also lay
the groundwork for enticing foreign investment into our on-ongoing tourism projects
in Unyeo-Jipo District," said Nam Gung-yeong, a Chungnam official in charge
of economy and trade.
Source: Yonhap News (Jul. 12, 2012)