Oseong Designated as International Investment Zone
With the designation of Oseong Industrial Complex, located in Oseong-myeon and Cheongbuk-myeon, Pyeongtaek-si, Gyeonggi Province, as an international investment zone by the Foreign Investment Review Board of the Ministry of Knowledge Economy, it is expected that Gyeonggi Province will be attracting more foreign investment.
The Oseong International Investment Zone, which will be established on 362,331㎡ of land, is a region that is in significant demand from international investors due to its geographic advantages and its excellent infrastructure. The zone is 1 kilometer away from the West Coast Highway Cheongbuk IC, and 10 kilometers away from Pyeongtaek port.
874000㎡ of the Hyeongok International Investment Complex, which has been developed on a total plot of 914000㎡adjacent to Oseong Investment Zone, has already been rented. The designation of this new zone is expected to give international investors an opportunity to invest, along with the other international investment zones in Hwaseong and Paju, as well as the remaining area of Hyeonngok, which accounts for just 4 percent (41000㎡).
A spokesperson for Gyeonggi Province reports that the province is already negotiating on investment locations with global companies based in the US and Europe and engaged in the solar and LED industries, as well as with Japanese IT companies. The spokesperson added that the province plans to place an emphasis on attracting cutting-edge investment companies in the field of new energy and the environment, including photovoltaic cells and hydrogen fuel cells, as well as in the IT industry, with the goal of developing the zone into a Mecca of green growth.
For housing in the Oseong Investment Zone, investors can secure a lease on land for a maximum of 50 years, with low rental fees that amount to 1 percent of the annual development costs. In addition, investors will be able to benefit from a variety of aids, such as tax reduction incentives and subsidies for recruitment and job training, measures that are expected to attract more investors.
Oseong Complex is expected to attract investments amounting to more than 300 million dollars, and to lead to the employment of more than 2000 workers.
84 global companies (including the companies that are due to move in) have been operating in 8 units of the international investment complex, boosting the local economy and making Korea more competitive internationally, by attracting USD 1,245 million in investment and creating new jobs for 8,323 people.
the source - http://english.gg.go.kr/
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