ULSAN < invest Korea

According to Yonhap News,

Ulsan, Oct. 25 (Yonhap) -- Ulsan city government launches efforts to build a cooperative network for attracting foreign investment and to discover potential overseas investors. From Oct. 27 to Nov. 1, it will attract investment by dispatching an investment promotion team (headed by Song Byeong-gi, deputy mayor for economy) to New York and Pennsylvania.

On Oct. 28, the team will take a tour of the Silicon Alley in New York and visit General Assembly, an education provider specializing in IT. A meeting will be held with Jacob Schwartz, the CEO of General Assembly, to exchange ideas on creating a community of experts and to discuss how they can relate to public administration.

On the morning of Oct. 29, the team will visit the Cornell Tech Campus located in Roosevelt Island, Manhattan to examine the cooperation between industry and academy and the status of business incubation, and to discuss the opening of a new college campus by attracting investment from industrial, academic and private sectors as in the case of Ulsan. In the afternoon, the team will visit the municipal agency New York City Economic Development Corporation (EDC) and share opinions on the role of economic cooperation agencies in strategically fostering new industrial areas.

On Oct. 30, the team will visit Company A, a leading industry-grade gas manufacturer with a long history and leading technology that is located in Allentown, Pennsylvania.

At the meeting, a letter of intent will be signed for investment in new construction of a hydrogen production facility. From the first half of 2018, Ulsan City has negotiated with Company A, which included interview with the managers of the company's Korean branch and provision of incentives.

With the signing of the LOI, Ulsan will be able to induce more investment in the environmentally-friendly hydrogen industry. The plan is to win the trust of the company's management and to make the investment final by presenting specific offers such as incentives granted to foreign investors and other administrative support.

"It has become more difficult than ever to attract investment at home and abroad due to the reduced incentives including the abolition in 2018 of corporate tax cuts that had been provided to foreign investors." "However, the signing of the LOI with Company A is expected to lead into a successful investment and serve as a stepping stone for Ulsan to be transformed into a city focused on environmentally-friendly new industries," said an official of Ulsan City on Oct. 25.

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Source: Yonhap News (Oct 25, 2019)