About Chungnam
News
Cheonan / Inju Foreign Investment Districts
The 21st Century Key Industry Cluster
2009.08.20(목) | CNnews (
chungnamdo@korea.kr)
The two major Chungnam-area foreign investment districts, in Cheonan and Inju, were formed to promote high-tech, industry-based foreign investment, and to serve as an industrial backbone.
Joint-venture companies, mainly hi-tech industries, having a 30% or higher share of foreign investment, can move into the foreign investment district. These companies can take advantage of fiscal privileges as well as a long-term and inexpensive lease program.
In the case of national taxes, a 100% exemption is granted for the first five years and a 50% reduction for the following two years. Local taxes are exempted for 15 years and customs duties are exempted for capital goods which were imported within the first three years after declaring the investment.
The Choenan district is already shaped, with 34 out of 43 companies having finished construction and nine under construction.
As for the Inju district, half of the total 1,616,000 m2 area has found owners and the other half is waiting for deals to be signed.
An Excellent Location at the Center of South Korea
In terms of geological location, the foreign investment districts of Chungnam are in an advantageous position compared to those of other regions. The nearby Gyeongbu and Seohaean expressways make these districts highly accessible, and access to Incheon International Airport and ports is easy.
Also, many professional education institutions in the vicinity of the Choenan/Inju area constitute stable workforce sources.
The nearby 1,000 small and big companies, in particular, Samsung electronics, Hyundai motors and four steel manufacturers are expected to create a lot of synergy.
The 1,616,000 m2 large Inju foreign investment district will host high-tech businesses such as metal machining, metal fabrication and machinery. Also, the Asan New City land development that will further accommodate a population of 175,000 people is gaining the attention of many businesses.
Joint-venture companies, mainly hi-tech industries, having a 30% or higher share of foreign investment, can move into the foreign investment district. These companies can take advantage of fiscal privileges as well as a long-term and inexpensive lease program.
In the case of national taxes, a 100% exemption is granted for the first five years and a 50% reduction for the following two years. Local taxes are exempted for 15 years and customs duties are exempted for capital goods which were imported within the first three years after declaring the investment.
The Choenan district is already shaped, with 34 out of 43 companies having finished construction and nine under construction.
As for the Inju district, half of the total 1,616,000 m2 area has found owners and the other half is waiting for deals to be signed.
An Excellent Location at the Center of South Korea
In terms of geological location, the foreign investment districts of Chungnam are in an advantageous position compared to those of other regions. The nearby Gyeongbu and Seohaean expressways make these districts highly accessible, and access to Incheon International Airport and ports is easy.
Also, many professional education institutions in the vicinity of the Choenan/Inju area constitute stable workforce sources.
The nearby 1,000 small and big companies, in particular, Samsung electronics, Hyundai motors and four steel manufacturers are expected to create a lot of synergy.
The 1,616,000 m2 large Inju foreign investment district will host high-tech businesses such as metal machining, metal fabrication and machinery. Also, the Asan New City land development that will further accommodate a population of 175,000 people is gaining the attention of many businesses.
