GWANGJU < invest Korea

(GWANGJU = Newsis) Gwangju is pushing ahead to expand the industrial complexes for exports to provide more industrial space and actively meet the investment demands, according to an announcement by the city on Sunday.

The city currently owns a total of 22,740,000㎡ (factory site of 11,706,000㎡) of industrial complexes in eight areas including Bonchon, Song-am, So-chon, So-chon agro & industrial, Pyeongdong and Cheomdan first and second.

Gwangju also plans to develop Jingok, light-green and Pyeongdong 3rd industrial complexes to meet the demand for industrial sites as it became the automotive city with one million production capability and also nurture the new growth engine industry and embrace the investment.

Jingok Industrial Complex, which will complete its construction in 2014, was invested a total of KRW 324.1 billion and will be developed in the site of 1910,000㎡ in Gwangju Gwangsan-gu Jingok, Goryong, O-seon and Hanam-dong area.

The complex in August supplied a 298,000㎡ site to companies that needed to expand the production lines in accordance with Kia Motors’ plan to expand its production up to 620,000.

The green-light national industrial complex will be developed in a 4,081,000㎡ site with an investment of KRW 503.9 billion. The complex is located in the area of Samgeo-dong of Gwangsan-gu and Worya-myeon, Hampyeong-gun.

The design development phase was completed in the last December, and the excavation project is underway to unearth any cultural assets buried in the construction site since July. The construction is expected to complete in December, 2018, and various industries including optical electronics, digital information appliance, automotive, high-tech parts and material, bio & medical and new material will move in to the complex.

Pyeongdong 3rd Industrial Complex is expected to complete its construction in 2016, and a total of KRW 289 billion will be invested in the development project. The complex will be located in a 1,745,000㎡ in Yeonsan-dong, Gwangsan-gu.

The city will exempt the duty of corporate and income tax for the first five years for the companies relocated from the Seoul Metropolitan Area to Gwangju, and the taxes will be cut by 50 percent for the following two years. It will also waive the duty of acquisition tax and exempt the duty of property tax for the first five years and cut by 50 percent for the following three years.

The city also supports 35 percent of land price, 10 percent of capital investment as subsidies for the companies relocated from the Seoul Metropolitan Area, and 10 percent of capital investment for the newly established or expanded companies.

Companies that are relocated from regions other than the Seoul Metropolitan Area will be supported up to 20 percent of land price, and 5 percent of amount that exceeds KRW 2 billion of capital investment.

“We will build the country’s best industrial complex by working with government and relevant authorities to complete the construction at the early stage and minimize the sales price of the lot,” said Kang Woontae, Mayor of Gwangju.

kykoo1@newsis.com

Source Text

Source: Newsis (Dec. 8, 2013)

** This article was translated from the Korean.