GANGWON-DO < invest Korea

(CHUNCHEON=NEWSIS) Gangwon Province announced January 22 the strategies to boost investment promotion for the development of the East Coast Free Economic Zone (FEZ).

Since its designation of the East Coast FEZ in 2013, the province has been carrying out strategic investment promotion activities despite the global economic recession, low yen and deregulations of the metropolitan areas.

An investment agreement has been concluded for the development of the Mangsang district and the province began the development of the Okgye district. It is carrying out investment promotion activities to secure project developers for other districts.

The Mangsang district, which signed a memorandum of understanding with Canada’s Dundee Corporation in 2013 and a memorandum of agreement in 2014, established a special purpose corporation on December 26, 2014.

The province, which develops the Okgye district, has prepared the optimal solution to secure competitiveness in the prime cost of the development and selected the project developer.

The Gujeong district, a global residential and educational district, is having difficulty to secure a project developer due to the downturn in real estate and construction industries.

The Bukpyeong district is trying to attract investment by categorizing the area into “an industrial complex district” where companies can move in immediately and “other areas” where project developers are required.

"The progress that we are making with the districts will bring a great result. We will do our utmost to complete the establishment of the districts by the given time," said a provincial official.

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