Chungcheongnam-do

In 2007 Chungnam has marked a solid growth record, distinguishing itself both home and abroad in export, attraction of foreign capital, and introduction of Korean companies into the region. As it has completed a transition to high value added businesses such as digital and large infrastructure in terms of corporate production, the advancement of its economic structure has gained further momentum.

GRDP Growth
쪾For the last ten years (′95~′05) : 10.4% (national average: 7.1%)
쪾Its growth rates of GRDP per capita for the last ten years were recorded at 10%, the No. 1 place in the nation (national average 6.6%).
쪾In 2005, its GRDP per capita made second place among metro- politan local governments in the nation.

Exports
Chungnam recorded 39 billion dollars of exports in October 2007 and expects the number to reach 45 billion dollars by the end of the year.
Volume of trade: $37.3 billion (′03) $54.6 billion (′05) $60.1 billion (October 2007).
Chungnam’s percentage of total national exports: 8.3% (′03) 9.4% (′05) 10.1% (October 2007)
Exports: $100 million (′73) $1 billion (′81) $10 billion (′95) $39 billion (October 2007).
Chungnam has recorded average growth rates of 31.6% over the last 17 years since 1990 (It ranked at first place among Korean metropolitan local governments.)
Surplus: $8.5 billion (′03) $15.7 billion (′81) $17.8 billion (October 2007)

<Chungnam’s status in terms of exports>
Chungnam has emerged as a major player in the landscape of Korean exports (Chungnam accounts for 4.1% of the population but an entire 12.8% of the nation’s exports.)
Chungnam has led the nation’s trade surplus.
Its trade surplus at the end of October 2007 was 17.8 billion dollars.
The nation recorded 14.6 billion dollars for the same period.
In 2006 Chungnam’s exports were recorded at 38.9 billion dollars, equivalent to that of a nation around 50th place in the world in terms of economy
Kuwait: $42.2 billion (48th), Vietnam: $39.6 billion (49th), Libya: $38.9 billion (50th).

<Adding value to export categories>
Categories of Chungnam’s export items included wigs and needlework in 1963; 40 years later, they are now semiconduc-tors, display products, and other high-tech products.
Category: semiconductors (35%), display products (22%), and computers (9%).

Foreign capital attraction (in 2006; Source: KOTRA data)
Chungcheongnam Province succeeded in attracting world-leading groups in high-tech materials and R&D in the region.
Display: Sony (Japan), DNP (Japan), PKL (USA)
Semiconductors: ENF TECH (UK), ASM (the Netherlands), BOC (UK)
Petrochemistry: ALAMCO (Saudi Arabia), IPIC (UAE), TOTAL (Belgium)
Automobile and parts: Mando, GM Daewoo, Hyundai PowerTech
Raw materials and materials: Rohm & Hass (USA), Pohtronic (USA)
As companies with the world-level advanced R&D and material technologies have made investments in Chungcheongnam Province in the field of petrochemistry, semiconductors, display, and steel, it has secured the world’s best technologies and a competitive edge. It’s estimated that Chungnam will record 30,000 dollars of GRDP per capita, 60 billion dollars of exports, and 100 billion dollars of trade volume by 2010.
Investments in Chungnam by major foreign companies


Chungnam Province’s large-scale investment plans are set to boost its industry and economy.
The province is currently working on an investment plan for a total of 108 trillion won over the next ten years-77.5 trillion won for large-scale development investments and 30.5 trillion won for facilities investments for corporations.
It will accelerate the rate of clustering by making investments according to district and function-Cheonan and Asan (display), Dangjin (steel), and Seosan (petrochemistry).
It will open the door to a new era centered on the Yellow Sea by becoming Korea’s optimal region to attract investments with its concentration of high-tech businesses.

Chungnam’s plans to attract corporate capital home and abroad in the future
Chungnam runs a department known as the Department of Investment Attraction, devoted to attracting investments, and consisting of four teams with a total of 16 staff.
The province will provide a one-stop service system and a range of incentives to promote corporate investments, and will manage the entire project process, from identifying prospective corporations, to sealing the deal.
It is planning an explanatory investment meeting in the United States and Middle East to attract affluent capital.
It will provide customized support service to each of the foreign companies that have already made investments in the region by reinforcing post-management and inducing further investments.