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According to Yonhap News,
North Jeolla Province (Jeonbuk) will organize an investment seminar for Japanese companies in the electronics, chemical and automotive sectors in Tokyo from Wednesday to Friday in partnership with Nomura Research Institute.
Jeonbuk Governor Kim Wan-ju will explain various investment incentives to Japanese companies during the seminar.
He also plans to conclude investment contracts with two Japanese manufactures from the new material sector seeking to advance into Jeonbuk.
Reportedly, they are considering injecting a total of 500 billion won into the province, which is expected to generate about 300 jobs.
A recent flood of Japan-based companies including Samyang Innochem, Dongwoo Fine-Chem, and Yasunaga into Jeonbuk enables regional companies to get an easy access to components for which they had so far relied on imports, which leads to enhancing competitiveness of the companies.
The province also plans to build an industrial complex, designated for Japanese companies.
"A material and parts complex for foreign companies in Iksan, also designated as a foreign investment zone, provides companies with incentives including reduction of corporate and income taxes and local tax for five and fifteen years, respectively, and leasing industrial sites for free for fifty years," said a Jeonbuk official.