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According to Yonhap News,
The city of Daejeon is set to form a cluster-like foreign investment zone for the first time within International Science & Business Belt, located in Yuseong-gu.
The city and the ICT ministry announced on Sep 9 that the city’s project to develop the investment zone was finally approved by the Ministry of Trade, Industry and Energy.
The clustered investment zone is an authorized place where city mayor or provincial leaders allow a package of incentives including lower land purchase price to attract foreign investment into the community. The city and the ministry both have pushed ahead with the project since the year 2016.
Once it’s approved, the city will establish the zone on a 83,566㎡ site with city and national budgets combined worth KRW 38.5 billion. The capacity is known to attract 12 foreign invested companies who’re affordable to pay off lease to reside in.
A rechargeable battery maker headquartered in the UAE has already declared as much as USD14 million this May and reported to move into the place at the end of this year. Other candidates from Thailand, China and Japan would soon come as residents of the zone next year.
Daejeon city expects that the investment promotion project is highly likely to lead to production- inducing effects and value-added creation effects worth KRW 275 billion and KRW 74.9 billion respectively over the next five years. It’s also predicted to add over 1,300 new jobs and foreign investments equivalent to USD 480 billion in the community once global companies producing EV batteries, bio-pharmaceuticals, semiconductors etc.
Given the synergy effect with the next-generation synchrotron radiation accelerator built in the southern city of Cheongju, and over a hundred local research centers, alongside institute for basic science (IBS) to team up with global enterprises, the investment zone can set up a path toward new business opportunities to come.
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Source: Yonhap News (Sep 9, 2020)* This article was translated from Korean.