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[Gangwon-do]
Wonju Munmak「Mini Foreign Investment Zone」
Date
2014.05.23
■ Wonju-si, Gangwon-do
- Area: 867.3㎢ (1.43 times that of Seoul)
- Population: 326,000 (130,000 households)
- GRDP (2011): KRW 5.551 Trillion *18.4% of Gangwon-do's total GRDP (KRW 30 trillion)
- Regional characteristics: Geographical centerpiece connecting the western and eastern parts of Korea and hub of inland transportation
※ Only 40 minutes away from Seoul, Wonju is one of the best cities for business due to its close proximity to the Capital Area - Transportation network:
- 2nd Youngdong Highway (to be completed in 2016), double-track railroad connecting Wonju and Gangreung (1hr away, to be completed in 2016)
- Double-track railroad (Joongang Line) connecting Cheongrangri and Wonju (completed in 2012,) Wonju Airport
■ Project Overview
| ㆍBackground A Mini foreign investment zone has been designated among various national or regional industrial complexes in development in order to attract foreign-invested enterprises by offering competitive rents and tax incentives. ※ Article 18 of Foreign Investment Promotion Act. |
□ Complex Overview
- Location: Bangye-ri, Munmak-eup, Wonju-si, Gangwon-do
- Area: 99,132.3㎡ (within Bangye General Industrial Complex, Munmak, Wonju)
- Business Types of Tenants : Medical device, auto parts, machinery, metallurgical, electronic/electricity, food, etc.
- Qualification requirement for tenants: A company entirely owned by a foreigner or wherein the share ratio of foreign shareholder(s) is 30% or more, with the total amount of capital investment made by foreign investor(s) at least KRW 100,000,000 or more
- Rental fee: Temporarily set to KRW 10,000/3.3㎡ per year
※ Investment of USD 1 mil. or more in a business that involves high technology: 100% exemption from rents - Organized by: Governor of Gangwon-do (entrusted to Korea Industrial Complex Corporation)
□ Layout and Incentive
| Item | Rental fee discount and tax incentives |
| Rental Fee | Temporarily set to KRW 10,000/3.3㎡ per year |
| Requirements for discounts | - High technology business & USD 1 mil. or more invested: 100% exemption - General manufacturing & USD 5 mil. or more invested: 75% exemption |
| Tax incentive | ① Invested more than USD 10 mil. for manufacturing and 5 mil. for logistics business - Corporate tax: Tax exemption for 5 years (100% for 3 years, 50% for 2 years) - Regional tax: Acquisition tax: 100% exemption for 15 years Property tax - tax exemption for 10 years (100% for 7 years, 50% for 3 years) ② Businesses that qualify for ① shall have their customs duties waived for 5 years. |
■ Advantages for Investment
- The manufacturing industry in Wonju has been growing rapidly by 8.5% per annum on the average.
- Wonju has been designated as a Enterprise City(5,290,000㎡) and an Innovation City (3,612,000㎡) in Gangwon-do at the same time.
- Wonju's medical device cluster development project has become an epitome for local industrial development programs in Korea.
- Dongwha Exclusive Medical Device Complex, Wonju General Medical Device Support Center, Medical Engineering Dept., Yonsei Univ. - Development of Wonju National Industrial Complex in progress, with the theme of combining medical devices and auto parts industries.
□ Key Indices and Business Infrastructure
| ㆍThe no. of medical device businesses in Gangwon-do (2012) accounts for 5% of the entire industry in Korea, constituting 21% of national production output and 24% of national export value. * Average production and export performance per company are KRW 5.1 billion and 8 billion, respectively, which is 3 times the national average. ㆍ6 industrial complexes in the city (2,305,000㎡) ㆍLargest auto parts industry base in Gangwon-do (25 companies, 2,700 employees) ㆍ3 graduate schools, 4 universities, 2 colleges, and 15 high schools - Top special high schools in country, including Medical Device Meister High Schools and Gangwon Science High School - Call Manager Management Dept. opened in 2012 in Sangji Youngseo University and Wonju Politech III |
■ Wonju's Industrial Infrastructure
□ Investment Contacts
| ㆍGangwondo Global Business Department :T.+82-33-249-2082 ㆍWonju City Business Support Team :T.+82-33-737-2991 ㆍWonju Branch, Gangwon Regional HQ, Korea Industrial Complex Corporation :T.+82-070-8895-7652 |