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KOTRA and Local Govts Attract Investment

   The Korea Trade-Investment Promotion Agency (KOTRA), Gangwon Province, North Jeolla Province, South Chungcheong Province and Goyang city in Gyeonggi Province held an investment information session Tuesday for about 100 Korean-Chinese entrepreneurs at the third Korea-China Economic Forum hosted by the World Federation of Overseas Korean Traders Associations.
    Executive consultant Hwang Eun-young of KOTRA shared information on the investment environments of Korea and China, including on economic exchanges and investments after the establishment of diplomatic ties between the two countries.
    Ryu Duk-ki, foreign investment promotion advisor of Gangwon Province, promoted the province and its convenient transportation infrastructure, which allows for a 40-minute commute to Seoul, relatively inexpensive sites, clean environment and outstanding incentive programs as advantages to attract investment.
    Biopharmaceutical, alloying and refining of new materials, manufacturing tools for automotive parts and industrial uses, medical equipment manufacturing and tourism are some examples of industries he suggested for investment.
    North Jeolla Province introduced its Saemangeum Free Economic Zone, which it plans to develop as an economic center in the Yellow Sea.
    Jung Mi-hwa, a North Jeolla official in charge of attracting foreign investment, asked for the support of Korean-Chinese entrepreneurs for the development of the shipbuilding, solar power and wind power industries in the zone, adding that Saemanguem is the largest as a single district among Korea’s industrial zones.
    Youn Chan-soo, an official in charge of attracting investment from South Chungcheong Province, emphasized the province’s close location to China (339 kilometers) and promoted Cheonan Industrial Complex No.5, the only foreign investment zone in the hinterlands of the capital area.
    Those who invest USD 10 million in a manufacturing business in the complex can receive exemption benefits when it comes to the national tax for five years (100 percent for three years and 50 percent for two years), local tax for 15 years and customs duties for five years for injection of capital goods.
    Kim Dae-shik, from the exhibition team of Goyang city, focused on the Korea International Exhibition Center, a hall for exhibitions and conventions. He asked for support to develop accommodations and multifunctional facilities near the center.
    Pyo Sung-ryong, head of the Korean-China Entrepreneur Association, noted that the information sessions for the Korean-Chinese entrepreneurs by KOTRA and local governments show a heightened prestige of the businessmen, adding that he will encourage the association members to invest more in Korea.
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