JEOLLABUK-DO < invest Korea

Buan County is gaining momentum to develop the third agricultural industrial complex in Buan which will lead job creation and regional economy facilitation.

The county announced Wednesday that it plans to receive an approval for designation of the agriculture industrial complex by October and begin construction of the complex in the second half of the year.

Total KRW 21.4 billion will be invested in the third agricultural industrial complex which will be built on a 329,000 m2 site.

Buan plans to attract new and renewable energy-related companies to the complex to cooperate in teems of technology with companies in the first and second agricultural industrial complex, generating synergy.

The third complex has convenient transportation as it is near to the National Highway Number 23 and 30 and is located only 5 kilometers away from Buan IC of the West Coast Highway.

It is also easy to find workforce, owing to the close proximity to Buan-eup.

Companies which move into the complex will be given exemptions for 100 percent of acquisition and registration tax and 50 percent of property tax for five years and 50 percent of income tax and corporate tax for four years. According to the Buan county’s ordinance on company and investment promotion, subsidies will also be given for companies that invest in the region.

A county official noted that the third complex will drive regional economy by attracting strong companies and creating jobs, and requested active cooperation from residents and landowners.

Source Text

Source: Newsis (Aug. 14, 2013)

** This article was translated from the Korean.