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The government has designated five new foreign investment zones, hoping to attract global capital and boost employment here.
The Ministry of Trade, Industry and Energy said Monday that it had added five new locations including Munmak, Yeosu and Gunsan, to the list of foreign investment zones.
“If the FIZ plan works out as planned, it will lead to a total investment of 1.17 trillion won ($1.1 billion) and some 1,159 new jobs in terms of direct employment,” said a ministry official through a press release.
Of the five zones, the one to be located in Munmak, Gangwon Province, will be a joint investment area which involves four different foreign companies, including German medical equipment supplier Artificial Life Inc.
The joint unit alone is expected to attract a total of $68 million over the next five years and create an employment effect for 580 people, officials said.
Also, a joint venture of Lotte Chemical and Italian rubber-maker Versalis is planning to invest over $515 million by the year 2017 to start a petrochemical manufacturing business in Yeosu, an industrial city located in the southern part of the country.
The other three FIZs are to involve Japan’s Toray Industries, Nitto Denko, and U.S.-based Air Products & Chemicals, according to the ministry.
A foreign investment zone is a special economic area, established upon the request of potential foreign investors and the development requirements of the local community.
The investors that kick off business within the areas are subject to a number of benefits, such as reduced or free rent or tax incentives.
By Bae Hyun-jung (tellme@heraldcorp.com)
The Ministry of Trade, Industry and Energy said Monday that it had added five new locations including Munmak, Yeosu and Gunsan, to the list of foreign investment zones.
“If the FIZ plan works out as planned, it will lead to a total investment of 1.17 trillion won ($1.1 billion) and some 1,159 new jobs in terms of direct employment,” said a ministry official through a press release.
Of the five zones, the one to be located in Munmak, Gangwon Province, will be a joint investment area which involves four different foreign companies, including German medical equipment supplier Artificial Life Inc.
The joint unit alone is expected to attract a total of $68 million over the next five years and create an employment effect for 580 people, officials said.
Also, a joint venture of Lotte Chemical and Italian rubber-maker Versalis is planning to invest over $515 million by the year 2017 to start a petrochemical manufacturing business in Yeosu, an industrial city located in the southern part of the country.
The other three FIZs are to involve Japan’s Toray Industries, Nitto Denko, and U.S.-based Air Products & Chemicals, according to the ministry.
A foreign investment zone is a special economic area, established upon the request of potential foreign investors and the development requirements of the local community.
The investors that kick off business within the areas are subject to a number of benefits, such as reduced or free rent or tax incentives.
By Bae Hyun-jung (tellme@heraldcorp.com)
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Articles by Korea Herald
