JEOLLABUK-DO < invest Korea

According to Yonhap News,

Gunsan Free Trade Zone, which was established in late 2005, is being established into an export hub of Jeongbuk-do (North Jeolla Province).

According to Administrative Agency of Gunsan Free Trade Zone, the total area (1,256,000 m²) of the free trade zone in Soryong-dong, Gunsan City was sold late last year, and the companies which moved into the zone has significantly contributed to the regional export of Jeonbuk with their active production.

A free trade zone is designed to promote export, increase employment, and develop technologies by attracting foreign investment under a Special Act, enacted in January, 1970.

A total of 29 companies in auto parts, medical instrument, heat exchangers, and TV assembly industries have been relocated to Gunsan Free Trade Zone. Among them, 16 companies are operating business in the zone, while 13 are under construction.

The Administrative Agency plans to improve the productivity of 16 companies under operation, and encourage the establishment of production lines of the rest of 13 companies in a bid to increase export volume this year.

Economic recovery and the newly relocated companies are expected to raise export volume significantly.

The groundwork for achieving export of USD 1.5 billion in Gunsan Free Trade Zone will be laid this year. Gimje Free Trade Zone will be promoted into the mecca of high-tech industries. And the three-no (no visit, no regulation, no CO2) campaign will be conducted in earnest.

Administrator Sohn Kyeong Yun of Administrative Agency of Gunsan Free Trade Zone said “the entire site of the zone was sold late last year, the fifth year of its establishment. We will be committed to providing general and systematic support in grievance resolution and export expansion, so that companies in the zone can focus on their production activities more dynamically.”

Source Text

Source: Yonhap News (Jan. 18, 2011)

**This is an English translation of a Korean news article.