According to Yonhap News,
Invest KOREA, the national investment promotion agency of Korea, has visited Yeonchun-gun (County) in Gyeonggi-do (Province) for the first time, and it has drawn much attention. This area is regarded almost as an industrial wasteland.
As an affiliated organization of the Korea Trade-Investment Promotion Agency (KOTRA), Invest KOREA plays a role of discovering investment items for foreign firms and connecting foreign investors and local governments.
On February 25, executives and staff members of Invest KOREA visited Yeonchun-gun (County) and took a look at the Baekhak Industrial Complex.
Although the Baekhak Industrial Complex, which covers 439,432㎡, was completed in April of 2011, only 41 percent of the complex has been sold.
However, Yeonchun-gun (County) is raising expectations on attracting foreign companies into the area by taking an example of the Dang-dong Industrial Complex in Paju-si (City).
After the completion, only around 30 percent of the Dang-dong Industrial Complex was sold.
Later on, however, it was transformed into an industrial complex dedicated to foreign firms and successfully attracted major foreign companies, including Britain’s Control Components Incorporate (CCI) and Japan’s Nippon Electric Glass (NEG).
Thanks to active foreign investments, all parts of the Dang-dong Industrial Complex were successfully sold.
Apart from the Baekhak Industrial Complex, Yeonchun-gun (County) also recommended Invest KOREA five areas as places with a potential to attract foreign investments, i.e., two locations in Jeongok-eup (Town), two locations in Yeoncheon-eup (Town), and one location in Misa-myeon (Township).
“Since it is located near the Military Demarcation Line, foreigners are reluctant to invest in Yeonchun-gun (County). However, this area can possibly succeed as a foreign investment destination if the economic logic similar to the one taken by Paju-si (City) is well applied,” emphasized an official from Yeonchun-gun (County).
Source: Yonhap News (Feb. 25, 2013)
** This article was translated from the Korean.