Chungcheongnam-do Province Ranks the Top for Attracting Foreign Investment in Korea
Supporting the education and consulting industries to solve problems and to improve the province for further investment
2019.06.27(목) 09:44:04 | CNnews
Chungcheongnam-do Province has the greatest number of individual and complex foreign investment sites in all of Korea. Foreign investment sites refer to the designated sites by the province and its cities that have been approved at the Foreign Investment Committee to foster regional economic growth by hosting large-scale foreign investments.
Complex Foreign Investment Sites were co-established by the national government and the local government to rent to foreign companies that possess the latest technologies at a cheap price, so that their investment to Korea would be accelerated. There are six Complex Foreign Investment Sites, which are: Cheonan, Cheonan 5, Dangjin Songsan 2, Songsan 2-1 and Songsan 2-2. That is 22.2% of the total number of these sites in Korea, which add up to 27. This is also the largest number of Complex Foreign Investment Sites in a single province across the country.
Complex Foreign Investment Sites take up 1,428,000㎡ in total, which is 17.4% of 8,198,000㎡ across all of Korea. Individual Foreign Investment Sites are land plots for individual manufacturing factories that receive over $30,000,000 USD of foreign investment in total. These are designated by the local government. There are 19 Individual Foreign Investment Sites (831,000㎡) in the province, which is 23.2% of 82 sites (8,123,000㎡) in all of Korea, placing the province at the top of the list for the largest foreign investment sites in a single province.
Through this, since the fifth civic election, 36 out of 66 foreign investment companies (54.5%) were given the plots. In particular, at 5 Individual Foreign Investment Sites, excluding Dangjin Songsan 2-2, which was designated only last month, 68 businesses moved in, reaching 89.3% of move-in rates. A provincial official explained, “The fact that our province has the greatest number of Complex and Individual Foreign Investment Sites in all of Korea reflects how our province is also the best site for foreign companies to invest in.
The province plans to continue working on receiving more government funding to increase incentives for foreign investors and improving the process in which companies can voice their issues.”
The Chumgnam Foreign Invested Enterprise Support Center, operated by the Chungcheongnam-do Economic Promotion Agency, plans to listen to the problems that foreign investor corporations face and to improve the investment sector for investors more actively.
The Chumgnam Foreign Invested Enterprise Support Center found and solved 174 issues reported by investor corporations within the province, provided 23 cases of education and 6 cases of corporation consulting in order to keep up with the rapidly-changing investment sector for foreign investor corporations.
This year, the Chumgnam Foreign Invested Enterprise Support Center plans to continue attracting more foreign investment and to increase employment for the local economy by providing ▲ educational support, ▲ corporation consulting, ▲ hosting employment expo, ▲ a roundtable meeting for foreign investors, ▲ printing daily info newsletters and alike, in order to improve the investment sector for foreign investor corporations to the best of the province’s abilities.