CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

With a substantial amount of investment, the profile of Chungju City in northern Chungcheong Province has dramatically increased.

Chungju signed an investment agreement on building a beer factory with Lotte Liquor on Jan. 18. The beverage company is planning to invest about 700 billion KRW to build a 99,000 square meter-beer factory on the 330,000 square meter-land in between 2015 and 2017 within Chungju New Industrial Complex that is to be established in Hwagok-ri, Judeok-eup, Yeongpyeong-ri, Iryu-myeon and Bon-ri.

The 69 companies that decided to occupy or move to the complex are large-scale and specialized in cutting-edge technology.

For instance, HL Green Power, an automotive battery manufacturer and affiliate of Hyundai and Kia Motors, concluded a land rental and sale agreement with Chungju last year.

Alantum, an emission reduction manufacturer and affiliate of Young Poong Group is scheduled to occupy the 3rd Chungju Industrial Complex and Samsung C&T will finish building the 2nd concrete wall manufacturing factory in the 4th Chungju Industrial Complex within April.

Miwon Specialty Chemical, a chemical additive manufacturer, and Kolon Life Science, a bio-chemical company, are planning to build factories in Chungju.

Research and support facilities related to the companies are also moving to Chungju.

Korea Institute of Industrial Technology established the Energy Convergence Technology Center in Chungju University in last November. The center is moving to Chungju Corporate City and provides technological supports in renewable energy sources, such as solar and wind power, to SMEs in northern Chungcheong.

Chungju Research Institute of Automotive Component under the umbrella of the Ministry of Knowledge Economy established in last December is designed to provide cutting-edge technology and professionals to automotive component manufactures in the central region.

Many companies choose to do business in Chungju citing the advantage of its location.

It is located in the middle of the Korean Peninsula and boasts excellent transportation infrastructures, which leads to cheap logistics costs. In addition, Chungju Lake provides the city with abundant water, and land for industrial use is also cheaper as compared to that of other regions.

Following construction of the 370,000 square meter-Jungwon Industrial Complex in 2009 and the 1.99 million square meter-Cutting Edge Industrial Complex in 2010, the city is planning to build the 2nd (1.04 million square meters), 3rd (130,000) and 4th (170,000) Chungju Industrial Complex within the late 2013, in order to attract companies in the Seoul Metropolitan City. Currently, an average of 90% of complexes is already sold.

Under its plan to attract great companies to the 2.204 million square meter-New Industrial Complex that will be established in 2015, Chungju launched the Investment Promotion Team in last November. Lotte Liquor where 700 billion KRW is to be invested in will also occupy the new complex.

Lee Jong-bae, Chungju City Mayor, said, "The expansion and pavement construction of major roads, ahead of the World Rowing Championships scheduled in the next year will make Chungju a more corporate-friendly city," adding that "During my term, I will attract 10 great enterprises and research institutes."          

Source Text

Source: Yonhap News (Jan. 18, 2012)

** This is an English translation of a Korean news article.