Chungcheongnam-do

Chungnam Province is currently one of Korea’s three major export bases.
Chungcheongnam Province has fast risen as one of Korea’s three major export strongholds. In 2002, it ranked at 6th place among 16 cities and provinces with 15.1 billion dollars in exports. It shot up to the 3rd place, however, following Gyeonggi and Ulsanwith 34.2 billion dollar exports from January to September 2007. Its remarkable growth is attributed to the Tangjeong LCD Complex of Samsung Electronics and the Asan plant of Hyundai Motor Company. In 2002, Chungnam Province ranked in 6th place following Gyeonggi Province, Seoul, Ulsan, Gyeongbuk Province and Gyeongnam Province, respectively.

A focus on the LCD and automobile industry
What is the driving force behind Chungnam Province’s exports? Samsung Electronics moved its LCD headquarters to Tangjeong-myeon, Asan Cityin 2004. The construction of the Tangjeong 1 Complex started in 2003 and is due to finish in 2010 with an area of 750,000 pyeong. The complex started to operate the seventh generation of the lines in 2005. Currently the second complex is under construction spanning 640,000 pyeong. According to the statistics of Chungnam Province, Samsung SDI is located in Cheonan and Samsung Corning and Samsung Electronics’ semiconductors plants are located in Asan. There is no doubt that all of those plants drive the active exports of the province. And there are the Samsung Petrochemical and Samsung Total in Seosan. An official in the Chungnam Province Office explains, “There are as many as 116 display companies in Cheonan and Asan, accounting for about 50% of Korea’s display business and driving the exports of the region.”
According to the analysis of Chungnam Province, it manufactures 45% and 44% of Korea’s LCD and PDP products, respectively, and 20% and 24% of the world’s LCD and PDP products. Another driving force of Chungnam Province’s remarkable export records is the Hyundai Motor Company’s Asan plant located in Inju-myeon, Asan City and annually producing 270,000 units of NF Sonata and Grandeur, two of the company’s pipeline. And Nongshim’s Asan plant (30,000 pyeong), Century’s plant (57,000 pyeong) and Sindo Ricoh’s plant (50,000 pyeong) have contributed to transforming Chungnam Province into one of Korea’s export bases.

Monthly exports recorded a new high.
Chungcheongnam Provincerecorded a new high in monthly exports among the metropolitan cities of Korea in July 2006 and has remained in the place for 14 months now, confirming its new status as Korea’s one of new export leaders. Also leading Korea’s trade surplus, it’s projected to lead Korea’s export economy. In 2007 Chungnam Province recorded a total trade surplus of 11.017 billion dollars, largely exceeding the 8.931 billion dollars of the nation as a whole, which demonstrates that Chungnam Province leads Korea’s trade surplus.

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Chungnam Province has emerged as the best place to do business in Korea.

In September 2007, Chungnam Provincehas already reached the annual target of 450 business attractions by attracting 736 businesses, which was 64% more than the target. At the inauguration ceremony, Governor Lee promised he would attract 1,000 businesses to the region, and he kept his words by attracting 1,047 businesses only a year and three months later. As a result, 27,000 jobs were created and 3.8 trillion won of production was generated.
Such remarkable results are attributed to the differentiated strategies of attracting businesses on the part of Chungnam Province, which formed the T/F Team (35 members) consisting of the talents from the provincial, municipal, and gun offices and being led by Mr. Park Jeong-hwa, an administrative official. The team has gradually expanded its scope of activities to attract business to Chungnam Province from Gyeonggi and Incheon to the rest of the nation. Placing its focus on the suppliers to large corporations such as Samsung Electronics, Hyundai Steel and Hyundai Motor Company, the team has held explanatory meetings to attract investment inviting 10,000 or so companies from all over the nation, and made and distributed related promotional booklets. Its three-dimensional and aggressive approach to attracting and inviting businesses to the region works without almost any hitches.