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Gyeonggi Province-promising investment
Gyeonggi Province is the home of many successful manufacturers, all taking advantage of its well-developed infrastructure, industrial facilities, and highly skilled labor force. Particularly promising industries for investment include electricity, electronics, information & communications, semiconductors, automobile parts, machine tools, and metal fabrication. The local government provides comprehensive support, including recommendations for plant sites and tax benefits for investment in high-tech industries.
Korea has recently experienced an explosive increase in the demand for leisure and recreation facilities. Factors contributing to this phenomenon include a rise in the average incomes, the institutionalization of the five-day workweek, the success of the 2002 FIFA World Cup and an increase in tourism. At present, general leisure facilities such as hotels, resorts, and theme parks are too few to meet the increasing demand.
Gyeonggi Province has a particular shortage of leisure facilities, as the Seoul-Gyeonggi metropolitan area is one of the most populous and popular areas in Korea
The region welcomes foreign investment in the leisure and hospitality industry. Foreign investors wishing to operate theme parks in Gyeonggi Province will be granted wide discretion in choosing their site.
Those who invest over a specified amount in a hotel will receive extremely generous incentives from the provincial government, including a variety of tax breaks
There are far too few ski facilities in Gyeonggi Province. Foreign investors are encouraged to establish new ski facilities in resort areas or natural or artificial ski slopes in the province. They are also urged to invest in indoor ski slopes in urban areas.
Gyeonggi Province will also make recommendations for to foreign companies interested in acquiring existing golf courses. It will find trustworthy local partners for investors intending to create golf courses through joint venture with Korean companies. We welcome inquiries about investment in these areas.
Since the end of 1997, Korea has greatly improved its investment environment. It has pursued sweeping financial liberalization, improvements in investment institutions, and permitted acquisition of real estate by foreigners. Gyeonggi Province serves the huge consumer market of the Seoul-Gyeonggi metropolitan area and has good locations for large distribution centers, including shopping malls and outlets. Major foreign discount retailers, such as Wal-Mart, Carrefour, and Tesco have eagerly advanced into the area for these reasons.
Gyeonggi Province encourages investment by factory outlets and logistics and distribution companies. It provides foreign companies investing in the province recommendations on business locations and helps match them with good local partners.
In an attempt to revitalize the real estate industry, the Korean government has done a great deal to improve the investment environment by granting tax benefits and by the complete opening of the real estate market to foreigners.
Foreign investment in apartment development has been on the rise since 1998.
Gyeonggi Province welcomes investment by foreign companies interested in acquisition and/or management of existing plant, building officiates, or the development, lease, and sale of industrial complexes.
The Korean government is handing responsibility for the construction and management of SOC projects to the private sector and attracting foreign investment.. It has overhauled the institutional framework for SOC, bringing it up to a global standard, expanded the operating rights of facilities, guaranteed minimum profits, and provided support to reduce risk.
Accounting for over 40% of national transportation volume, the Seoul-Gyeonggi metropolitan area holds great potential for foreign companies interested in SOC projects, including the development and construction of ports, light rail transit systems, toll roads, large bridges, waste incineration systems and waste water/sewerage treatment plants.