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According to Yonhap News,
(GWANGYANG=Yonhap News) The Gwangyang Bay Area Free Economic Zone (GFEZ) in South Jeolla Province announced November 3 that part of Sepung General Industrial Complex has been designated as a Foreign Investment Area.
A total of KRW 24.6 billion in provincial and municipal funding will be injected into creating the Foreign Investment Area on 82,641 square meters of land within the complex.
Foreign-invested companies that move into the area will benefit from corporate and acquisition tax exemptions for up to five years.
Already, a Chinese bio product maker and a U.S. functional drinking water company have signed to make investments in the area.
Meanwhile, a total of KRW 545.8 billion is being injected into constructing the Sepung General Industrial Complex (for specialty chemicals, precision machinery parts, and other future materials) by 2020, on a site of 2.42 square kilometers.
As of June 2017, the first stage of the project covering a 0.49 square-kilometer site has been completed, and construction has begun for Korea Testing & Research Institute's Convergence Material Demonstration Support Center and a structure for Hanguk Window.
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Source: Yonhap News (Nov. 3, 2017)
** This article was translated from the Korean.