According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Trade, Industry & Energy announced March 27 that the Korean offices of Belgium’s Solvay and Germany’s BASF, globally leading chemical companies, were selected as Korea’s first global headquarters.

Solvay’s research and development (R&D) center and C&C Research Laboratories were also designated as the first global R&D centers.

Foreign employees at the global headquarters will benefit from a 17 percent income tax rate and extended residence visa.

Foreign skilled technicians at the global headquarters will receive incentives, including a 50 percent reduction in income tax.

As a global headquarters, Solvay Korea will supervise 35 Solvay offices around the world that specialize in special chemistry and BASF Korea will be in charge of electronic materials-related projects carried out by 10 Asian offices.

C&C Research Laboratories is a joint venture between Korea’s JW Pharmaceutical and Japan’s Chugai to develop new drug candidates.

A system to recognize global headquarters and R&D centers in Korea was established at a meeting with global CEOs that was presided over by Korean President Park Geun-hye in January, 2014, to more effectively attract foreign investment.

abullapia@yna.co.kr

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