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Business in Jeollabuk-do

Investment in Saemangeum

Home > Business in Jeollabuk-do > Saemangeum > Investment in Saemangeum

Investment environment

Adjacent to Gunsan industrial complexes to make it possible to integrate related industries
  • Creating synergy effects through the linkage with companies entering Gunsan industrial complexes located at the northern side of Saemangeum industrial complexes as well as the integration of related industies
  • Attracting companies including Chevrolet, Doosan Infracore, Hyundai Heavy Industries, HANGLAS, Tata Daewoo, and OCI Making it possible to supply company-customized sites
  • Industrial site sale (distribution) prices: 50만원/3.3㎡
  • Enabling company-oriented sale (distribution)
    • Supports through national policies by special laws
  • Supporting quick administrative procedures and corporate activities
    • Exempting customs duties in accordance with designating general bonded areas
  • The companies entering Zones 1 and 2 in Saemangeum industrial complexes are exempted from customs duties if they process and export imported raw materials.
  • A customs duty is exempted if raw materials or products are carried out.
    • Ensuring abundant research and production manpower
  • Holding excellent and rich research manpower: about 2,600 people belonging to 38 research institutes
    • Government-funded and national research/ testing institutes(15) and professional production and technology research centers(2)
    • Public testing/ research institutes(1) and local government-contributed research institutes(20)
  • Producing the annual technology/ skill manpower of about 25,000 people through the universities located in Jeollabuk-do, Supporting long-term lease sites for foreigners
  • Making it possible to lease for the first 50 years and for the longest 100 years
  • Enabling lease privileges to be granted to cooperation enterprises for domestic foreign investment firms
    • Establishing the best regulation improvement process (the 9th Trade Investment Promotion Conference on Februrary 17, 2016)
  • Introducing a negative regulation process
  • It is necessary to continuously discover regulations blocking corporate investments and then improve discovered regulations in principle and maintain them exceptionally if they are acknowledged to be reasonable.

Incentives

eollabuk-do provides special benefits in order to help Saemangeum investment firms to achieve successful manageemnt and arrange the environment appropriate for business.

Supporting foreign investment firms

National support
  • Cash supports
    • In consideration of accompanying high-tech, the effects of technology transfer, the scales of employment production, overlapping with domestic investments, and location regions’ optimum, the funds necessary for factory construction are supported through the deliberation of the Committee on Foreign Investments.
  • Location supports
    • It is possible to have entered exclusive lease sites for the longest 100 years with the abatement or exemption of rent.

Supports by local governments

Supports by local governments,Jeollabuk-do,related region (city/ county)
classification Jeollabuk-do related region (city/ county)
general investment cash support up to 5 billion won up to 5 billion won
site support below 50% of sale normal amount below 30% of sale normal amount
large-scale investment cash support up to 10 billion won up to 10 billion won
site support below 50% of sale normal amount below 30% of sale normal amount
factory infrastructure support up to 3 billion won for industrial complexes and up to 5 billion won for individual companies(access road, electricity, gas, wastewater treatment facilities) -
facility investment support up to 5 billion won(factory construction cost, mechanical equipment setting cost) -

Tax exemption

Tax exemption
classification exemption periods/ exemption rates
corporate tax/ income tax 100% exemption for 5 years and then 50% exemption for the following 2 years(100% exemption for 3 years and then 50% exemption for the following 2 years
local tax 100% exemption for 7 years and then 50% exemption for the following 3 years
customs duty 100% exemption for 5 years

※ exemption subjects: over 30 million dollars (over 10 million dollars) for Manufacturing industry, over 20 million dollars (over 10 million dollars) for Tourism industry, over 10 million dollars (over 5 million dollars) for Logistics industry, over 2 million dollars (over 1 million dollars) for R&D

Other supports

Other supports
classification Jeollabuk-do related regions (city and county)
employment subsidy up to 1 billion won up to 200 million won
education and training subsidy up to 500 million won up to 200 million won

Saemangeum related institution websites

  • Saemangeum/Development/and/Investment/Agency: http://www.saemangeum.go.kr/
  • Gunsan-si: www.gunsan.go.kr
  • Gimje-si: www.gimje.go.kr
  • Buan-gun: www.buan.go.kr
  • Korea Rural Community Corporation : www.ekr.or.kr