Invest KOREA

(NAJU=Yonhap News) On Mar. 8 at Naju City Hall, the local governments of South Jeolla Province and Naju City signed with 14 digital content companies, including Japan's Poletowin, agreeing to invest in Naju Innovation City.

South Jeolla expects the KRW 6.6 billion investment will end up creating 227 new jobs.

The local governments signed business agreements with the Korea Creative Content Agency (KOCCA) South Jeolla Information and Culture Industry Promotion Agency (JOIA), and will offer support in establishing infrastructure for the cultural content industry, cultivating human resources, attracting further investment, etc.

Poletowin Korea is a subsidiary of Japan's Poletowon Pitcrew Holdings. Inc., which has a total of 26 content-related affiliate companies across the world, including in the U.S., U.K., and China.

Companies involved in information and communications technology convergence content, and game software development, etc., have also signed the agreement, as well as those planning to move from Seoul, Gyeonggi, Ulsan, South Gyeongsang, or to start new businesses in Naju Innovation City.

The two local governments and JOIA held a meeting a month prior to the agreement, and discussed how they could best support the 14 companies.

Naju City has agreed to find housing for the executives and workers, while South Jeolla Province will help companies hire employees in connection with local universities and employment help centers.

The KOCCA-led Content Valley Creating Project will be nurtured into another axis of innovation in the region, alongside the KEPCO-led Naju Energy Valley.

South Jeolla Governor Lee Nak-yeon noted, "Naju Innovation City, unheard on the cultural content scene until now, will be greeting its first cultural content companies, diversifying the Naju Energy Valley," adding, "the province will support the companies as they settle in, so that the 4th industrial revolution in the region may expand to the digital content industry based on virtual and augmented reality technologies.

sangwon700@yna.co.kr

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Source: Yonhap News (Mar. 8, 2017)