CHUNGCHEONGBUK-DO < invest Korea

According to Newsis,

The investment amount Chungbuk-do attracted from the 5th popularly elected government to the 7th surpassed KRW 100 trillion.

Based on these achievements, the provincial government has secured growth engine for Chungbuk's next 100 years and has laid the foundation for a leap forward as the center of the Korean economy.

Chungbuk-do said on November 17 that the amount Chungbuk attracted from July 2010 to November 2021 reached KRW 103.4 trillion.

The 5th term attracted KRW 20.5 trillion, the 6th term KRW 43.8 trillion, and the 7th term (3 years and 5 months) KRW 39.1 trillion. This has been a driving force behind the economic growth of Chungbuk-do.

Gross Regional Domestic Product (GRDP) increased by 53.8% from KRW 43.5 trillion in 2010 to KRW 66.9 trillion in 2019. Over the past five years, the economic growth rate has maintained 5%, topping the list in the country.

The provincial government said it is attrituble to attracting key anchor companies such as SK Hynix, LG Energy Solution, Hanwha Solution, Nepes, and Hyundai Elevator.

Such investment attraction contributed to the transformation of Chungbuk into a center of high-tech industry. Compared with 2010, the proportion of secondary industries such as semiconductors, secondary batteries, and photovoltaic industries rose by 5.1 percentage points.

Investments by companies took root in Chungbuk served as the catalyst for a virtuous cycle of the local economy. In particular, it became the the main pillar of economy and driving force in overcoming the economic crisis in the face of the economic crisis caused by COVID-19.

The provincial government predicted that reaching KRW 100 trillion of investment attraction would produce economic ripple effects of KRW 111 trillion in production inducement, KRW 41.1 trillion in added value, and 587,000 jobs inducement.

Going forward, Chungbuk plans to more actively attracting investment to realize 'No.1 Economy Chungbuk'. It will create industrial complex of more than 1 million pyeong (About 3.3578 million square meters) every year, expanding the scope to six new growth industries and service industries.

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Source: Newsis (November 17, 2021)