GANGWON-DO < invest Korea

According to Yonhap News,

East coast Free Economic Zone Authority (EFEZ Authority) said on July 13 that it will go all-out to lay the foundation for investment attraction and attract companies in Okgye district, Gangneung-si, and Mangsang 2nd and 3rd districts in Donghae-si.

According to EFEZ Authority, Okgye district will additionally designate general industrial complex in the existing free economic zone, and revise its development plan.

When the approval for designation of general industrial complex is completed by the year-end, Okgye district will be able to provide additional support for domestic occupant companies, such as reduction of acquisition tax, rental fees, and extension of rent period.

A revision of development plan, including addition of business categories subject to attraction, is likely to provide impetus in attracting relevant companies.

Mangsang 2nd and 3rd districts, having designated Dongbu Corporation as development project implementer, are proceeding as planned, with a target of finalizing administrative procedures including a change of development plan by the 1st half of next year.

The key to the change of development project is a change in business expenses due to a reduction of area and land usage plan by district.

Mangsang 2nd district is a project to develop an art museum complex by investing KRW 71.5 billion (originally KRW 48.8 billion) on the area of 0.22㎢, consisted of art museum, hotel, and condo, among others.

Mangsang 3rd district is to develop a global resort complex by investing KRW 88 billion (originally KRW 29.7 billion) on the area of 0.14㎢, consisted of hotel, condo, community center, and shopping mall.

Commissioner Shin Dong-hak of EFEZ said, "When the development plan is confirmed after consultation with relevant authorities, Mangsang 2nd and 3rd districts will be a center of tourism in the east sea region, converging international tourism, culture, and leisure industries for every season," adding "we will not spare effort to attract companies who will drive revitalization of local economy."

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Source:Yonhap News (July 14, 2021)