Chungcheongnam-do

It has Carried Out Many Initiatives to Attract Investment Including the Investment Fair
The Chungnam is sailing smoothly on its mission to attract foreign capital. The Investment Fair that was held at Hotel Shilla, Seoul on March 28 marked the beginning of full-scale efforts to attract investments by “Chungnam Co., Ltd.”
The Investment Fair, which was sponsored by Chungnam in cooperation with KOTRA Invest Korea, was a huge success with a great turnout. About 400 people participated representing some of Korea's conglomerates such as Samsung Electronics and Hyundai Steel, foreign embassies, member companies of the chambers of commerce and industries of other nations, 150 companies doing business in Chungnam, and 110 specialized investment companies located in Seoul and Gyeonggi Province. “By 2010 our province's GNDP per capita will increase to 30,000 dollars, our exports to 60 billion dollars, and our trade volume to 100 billion dollars annually,” said Lee Wan-gu, the provincial governor of Chungnam. “We will provide the companies in our province with the highest quality service based on our enthusiasm and support, and I will lead all those actions right at the front.” His strong determination to attract foreign capital was well reflected in his speech. The Investment Fair was a means for Chungnam to find prospective investors around foreign companies already doing business in the province, to strengthen the bonds with potential investors, and thus to expand the foundation of attracting foreign capital. All those efforts paid off as four and then ten companies promised to invest 880 billion won the current year and 1.7 trillion won the next year, respectively, in Chungnam after the fair was over.


Chungnam has been Running a Top Notch Support Team for Foreign Investment Companies
Last year Chungnam succeeded in attracting foreign capital of 1.37 billion dollars, the highest record among the local governments in the nation. Its goal for this year is 1.2 billion dollars. For the goal, it will concentrate on the large petrochemical industrial complexes (Samsung Total Petrochemicals and Hyundai Oil Bank) in Seosan and Dangjin, as well as on the display industry that goes with electric, electronic, and automobile parts business(Asan S-LC, Samsung Electronics, and Samsung SDI) in the northwestern area including Asan. At the same time, it is planning to adopt aggressive attraction strategies to help the steel industry in Dangjin revitalize itself, including Hyundai Steel.
Early this year there was a reshuffling around the provincial office, which led to the installation of the Investment Attraction Section that would report to the head of the Department of Economy and Commerce. Gwanchang in Boryeong and Dunpo in Asan will be chosen as the new investment areas for foreign companies. In an attempt to reinforce the results and effects of the Investment Fair, Chungnam will hold various events and demonstrate superior business locations around the province to invited foreign companies, laying out new projects involving tourism and leisure, logistics and distribution, and social overhead capital. It will also take active part in investment and trade shows home and abroad in collaboration with specialized agencies such as KOTRA, and increase its support for foreign investment companies already doing business with it to induce more investment from them.


Chungnam Entered an MOU Agreement with Three Foreign Companies Including the Oman Oil Company
Chungnam's top notch record in foreign capital attraction is attributed to its thorough plans, the creation of a systematic attraction environment, and the subsequent sales activities for attraction. It entered an MOU agreement of 30 million dollars with the Oman Oil Company in Middle East on March 23, another of 20 million dollars with BOC Gas Korea on March 28, and another of 30 million dollars with Matheson Tri-Gas of the United States on the same day. This are clear evidence that Chungnam's investment attraction efforts are on the right track.
At Hotel Shilla, Seoul on March 28, an MOU was signed between Provincial Governor Lee and Brett Kimber, the president of BOC Gas Korea. “The Korean market is an appealing one to us. It's our plan to make active investments in the area,” explained Mr. Kimber. And Provincial Governor Lee detailed his plan saying, “Our MOU agreement with BOC Gas Korea will be followed by aggressive efforts to promote the four strategic industries of our province and ones related.”
The same day saw another MOU signed between Provincial Governor Lee and Brooks Herd, the managing director of technology at Matheson Tri-Gas. “We are going to make the Asan plant our advance base to cover the semiconductor and LCD plants in China, Taiwan, and Southeast Asia,” said Mr. Herd. To this, Mr. Lee responded by saying, “Korea accounts for 23% of global semiconductor production, and Chungnam accounts for 50% of semiconductor production in Korea. We are willing to lavish our quality labor and administrative support on foreign companies in our province to create an atmosphere for outstanding performance.”
Before those two MOU agreements, Chungnam signed an MOU with the Oman Oil Company at Hotel Intercontinental, Seoul on March 23. The vice president of the company Mulham Al Jarf signed the MOU with Mr. Lee who said, “Our streak of foreign capital attractions for the year of 2007 was initiated by an MOU with an oil-producing country in Middle East. Attracting investment will continue to be my top priority.”

BOC Gas Korea
The Only Company in the World that Produces High Purity Special Gas for Semiconductors

BOC Gas Korea produces and supplies special gas generators including those that make high purity special gas for semiconductors. In fact, it is the only company in the world that produces this gas product. It is well recognized as a superior company with a capital of 85.2 billion won, total assets of 172.8 billion won, and sales of 120.6 billion won (as of 2006). Its future plans include manufacturing twelve fluorine gas generators annually and delivering them to the semiconductor and LCD makers in Korea such as Samsung. When its plant in Inju is completed, Chungnam will enjoy various effects such as direct and indirect employment of 80 individuals and production inducement of 50 billion won.

Matheson Tri-Gas
The Asan Plant will Grow as Its Advance Base to Supply the Products to the LCD Makers

Matheson Tri-Gas specializes in providing industrial special gas to semiconductor and LCD makers. Founded in 1995, it has its headquarters in Asan. With 60 employees, it has capital of 10.6 billion won and cumulative investment of 31 billion won. Last year its sales recorded 4.7 billion won, which has contributed to Chungnam's rising as the mecca of Korea's semiconductor and LCD industry. Once its plant extension is finished, over 30 billion won of annual production will be induced with 10 million dollars of annual exports and 170 new jobs.

Oman Oil Company
Chungnam Succeeds in Attracting “Oil Money” from the Middle East

With an MOU signed between Chungnam and the Oman Oil Company (OCC), Chungnam became the first local government in Korea to attract oil money from Oman, one of the oil-producing countries in the Middle East. The OCC was founded with the investment of Oman's Ministry of Commerce and Industry and Ministry of Petroleum and Gas and accordingly is 100% owned by the nation. It has planned full-scale investment in Korea and made specialized investments in energy-related corporations home and abroad.
The MOU signed between OCC and Chungnam concerns the construction of an LNG power plant in the Bugok Industrial Complex, Dangjin, Chungnam Province. Among the estimated construction costs of 32 million dollars, the OCC will invest 30 million dollars. In cooperation with OCC and GS EPS, Chungnam is planning to build six LNG power plants in the Bugok Industrial Complex. As it is estimated that more than 1.6 trillion won will be invested in the region, the local economy will be much boosted as a result of this.