Gangwon-do, "Creating a Business-Friendly Environment"... Full Effort to Attract 'New Deal Projects'

Strategic Investment Attraction for Job Creation and Regional Economic Revitalization

Gangwon Provincial Government

[Asia Economy Reporter Ra Young-cheol] Gangwon Province has designated this year as a year of strategic structural reform and qualitative growth, aiming to leverage it as an opportunity to lead the Fourth Industrial Revolution and make a great leap forward as a global economic hub.

The province announced on the 21st, "We will create a business-friendly investment environment to proactively respond to attracting high-quality investments, additional relocations of public institutions, and private companies."

To this end, a comprehensive survey will be conducted on suitable investment sites including idle land and national/public land, and large-scale project attraction activities will target public institutions as well as medium-sized and large enterprises.

In particular, efforts will be focused on attracting companies related to the Fourth Industrial Revolution and Gangwon-type New Deal projects, such as bio and medical devices (Chuncheon, Wonju), semiconductors and new materials (Gangneung), e-mobility industry (Hoengseong), and hydrogen-based R&D (Samcheok).

The New Deal project sectors will see an expansion of equipment subsidy rates to 3% for large enterprises, 5% for medium-sized enterprises, and 10% for small enterprises, along with the establishment of criteria for attracting small-scale startups related to the Fourth Industrial Revolution, aiming to significantly improve corporate attraction support systems.

To ensure prompt investment execution by companies signing investment agreements, the plan is to secure the maximum amount of local investment promotion subsidies and provide timely provincial investment subsidies to promote stable investment and early settlement of companies.

With the goal of completing one industrial complex this year, an additional 24 sites covering 13,809,000㎡ (1 national, 14 general, 2 urban, 7 agro-industrial) will be developed by 2025, and through the supply of industrial facility sites by region, the province plans to attract companies and foster local enterprises.

Centered on the Gangwon Province Innovation City Development Support Center, the first of its kind nationwide, efforts will be strengthened to hire and nurture local talent in connection with relocated public institutions, and engage in win-win cooperation such as prioritizing the purchase of local products.

Additionally, a preemptive response strategy will be prepared for the government's planned additional relocation of public institutions from the perspective of balanced national development, including establishing attraction strategies for 32 institutions selected through last year's research.

Furthermore, focusing on large-scale projects, Gangwon Province plans to strategically promote foreign investment attraction by developing and organizing Gangwon-type future strategic industry foreign investment products through foreign investment marketing and online investment briefings.