GANGWON-DO < invest Korea

According to Yonhap News,

(GANGNEUNG=Yonhap News) Companies are eyeing on Gangneung City, venue for ice sports games of the 2018 Pyeongchang Winter Olympics, as an investment destination.

Gangwon Province and Gangneung City will enter into memorandums of understanding (MOUs) for new investment and plant expansion in the Gangneung Science Park with multiple companies at the Gangneung Science & Industry Promotion Agency on November 17, 2016. 

Total investment pledged through the agreement will amount to KRW 34.2 billion. Seven companies entering into the agreement plan to build new production lines and hire 153 local workers, contributing greatly to revitalization of the local economy and creation of jobs.

The investment agreement is particularly meaningful in that it is aiming at supporting local businesses.

Most of the companies that signed the agreement have been nurtured in the Gangneung Science & Industry Promotion Agency and venture town of the Ceramic Cluster Agency.

"Since subsidy to promote regional investment has largely been provided to companies moving to the metropolitan area, there have been a lot of complaints from existing companies in the province," a provincial official in charge of global investment and trade said. He further added that "We will not spare any support for promising SMEs in the province to ensure their steady growth going forward."

Gangneung City Mayor Choi Myung-hee said, "We will do our best to actively support companies investing in Gangneung so that they can grow into world-class companies."

yoo21@yna.co.kr

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