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Gimge to Build Standard Factory in FTZ Late This Month

(GIMJE=NEWSIS) Gimje, North Jeolla Province, will start constructing apartment-style factories in Gimje Free Trade Zone (GFTZ) later this month, investing a total of KRW 39.4 billion in the complex in the 35,150㎡ floor area

According to the City of Gimje on May 23, the newly built factories, which will be completed in October 2015, are expected to house about 30 companies and create more than 300 jobs. The factories are also expected to act as the catalyst for attracting foreign investments and sound corporations, at home and abroad, and boosting and invigorating the regional economy.

In the case of the so-called ‘Standard Factory’, companies can immediately manufacture products once they install production facilities, which will lessen burden on the companies in their early stage. So the reduced initial investment costs will help technology-centered small local companies and foreign-invested corporations do business smoothly. Once the construction is completed, the high demand will spur the companies to enter the factories early.

GFTZ, which is located in the Jipyeongsun Industrial Complex (991,740㎡) was designated as a Free Trade Zone in August 2010 by the Ministry of Trade, Industry & Energy, then the Ministry of Knowledge Economy. The installment of GFTZ, now under construction, will be completed in May this year.

Source Text

Source: Newsis (May 23, 2014)

** This article was translated from the Korean.