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Ulsan to Focus on Field-Oriented Investment Promotion Activities

(ULSAN = Newsis) The city of Ulsan announced on March 7 that it will strengthen field-oriented foreign investment promotion activities as the global economy is on a moderate recovery trend thanks to the recent U.S. economic recovery.

The city plans to hold a regular meeting with the committee of plant managers of foreign-invested companies to collect suggestions and seek measures to strengthen cooperation in a bid to encourage the companies to reinvest in the region.

In particular, the city will organize a task force team headed by the economic and commerce director with relevant authorities in a bid to attract large scale investment projects such as joint ventures with foreign companies.

Ulsan will also decide target industries that are closely related to local strategic industries and carry out customized investment promotion activities.

The city will dispatch investment promotion team to North America in March to attract IT and new & renewable energy industries, Europe in May to attract the precision machinery and medical industries, Japan in September to attract the high-tech science and auto parts industries and Australia in October to attract tourism and logistics industries.

Aiming at conducting more efficient investment promotion activities, an information session will be held for foreign investors in Ulsan to introduce attractive aspects of the city as an investment destination.

In June, the city will join hands with Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Oil Corporation to attract investments in the Northeast Oil Hub Project by inviting foreign logistics companies that are interested in the project to a business fair and on-site inspection.

In October, the city plans to promote the office rental services and incentives for foreign-invested companies in the Ulsan Free Trade Zone to foreign investors who attend the Foreign Investment Week, which is hosted by KOTRA and the Ministry of Trade, Industry & Energy.

Also, the city will welcome potential investors who expressed interests about the city’s investment climate in the last year, and provide information about investments in Ulsan and carry out on-site inspection activities to draw substantial investments.

The city will also focus on keeping up with the investment trend and prepare countermeasures for every stage of investments by providing the visiting investment consulting service to 13 large scale investment projects such as the Northeast Oil Hub Development Project and other investment projects that are currently standing by for the revised Foreign Investment Promotion Act to come into effect, and 30 companies that express interests in investing in Ulsan.

“In 2014, the city will carry out field-oriented aggressive marketing activities and strengthen strategic cooperation with relevant authorities to accomplish the goal of attracting USD 400 million, revitalizing local economy and creating more jobs,” said an official of the province.

Source Text

Source: Newsis (Mar. 7, 2014)

** This article was translated from the Korean.