CHUNGCHEONGBUK-DO < invest Korea

According to Newsis,

Jincheon-gun, Chungcheongbuk-do, has surpassed KRW 10 trillion, while it is expected to achieve annual investment attraction of KRW 1 trillion for seven consecutive years.

Jincheon-gun said on March 20 that it attracted KRW 1 trillion or more investment every year over the past six years since 2016, recording cumulative amount of KRW 10.259 trillion as of this month.

Jincheon-gun succeeded in attracting KRW 2.43 trillion investment, the largest ever, in last year.

Jincheon's such investment attraction is driving regional economic growth.

According to a recent report by the Statistics Korea, Jincheon's employment rate was 71.4%, ranking first in Chungbuk for five consecutive years.

The economic activity participation rate is 72.4%. It ranks second among 72 cities and counties nationwide with economically active population of 50,000 or more.

The regional average wage is KRW 37.71 million, far exceeding Chungbuk's average of KRW 34.53 million, ranked first in the province.

The gross regional product (GRDP) per capita, a measure of regional development, recorded KRW 89.61 million, which is more than double of Chungbuk's average of KRW 42.7 million.

The economic growth rate is also 6.5%, which is 3.8 times Chungbuk's average of 1.7%.

Jincheon is witnessing also the effect of attracting blue-chip companies, who are great in productivity and job creation.

Blue-chip companies such as CJ CheilJedang, Lotte Global Logistics, Hanwha Q CELLS, and SKC account for most of the investment attraction.

Of the 384 companies that the county attracted over the past six years, investment by 28 companies amounted to KRW 8.0682 trillion, or 78.6% of the total investment (KRW 10.259 trillion).

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Source: Newsis (March 19, 2022)