JEOLLABUK-DO < invest Korea

Representatives from small- and medium-sized enterprises (SMEs) in Fukuoka, Japan visited North Jeolla Province on Wednesday seeking investment opportunities. Seven Japanese firms moved to the region two years ago.

The group, which included the president of the Daiichi Institution Industry and the administrator of the Fukuoka Small Business Promotion Association, looked around main industrial complexes and R&D centers including the Wanju Techno Valley and the Mechanical Carbon Institute. It received a briefing on the present conditions of industries in the province, investment incentives, and other investment-related information.

“This region has much potential for being a good investment because it is equipped with large land, convenient transportation infrastructure, and excellent R&D centers,” said Shinohara Osamu, president of Daiichi Institution Industry.

The group is looking for places abroad to move their businesses due to poor conditions in Japan caused by nuclear accidents, insufficient electricity, and an economic recession. They are interested in large sites and high investment incentives. The provincial government plans to rent a site in the Japanese firm-oriented complex for free and provide tax cuts.

Fifteen of the 46 foreign-invested companies in North Jeolla Province are Japanese firms. Daiichi Institution Industry plans to start an industrial machinery, carbon, and food business in Korea and aims for KRW 30 billion in sales.

Source: Newsis (Mar. 20, 2013)

** This article was translated from the Korean.