Come Invest in Gyeonggi Province Now That Regulations Are Lifted

Since the government announced the "Plan for Efficient Land Use to Enhance National Competitiveness" on the 30th of last month, Governor Kim Moon-soo of Gyeonggi Province has been busy pushing economic recovery initiatives.

This is analyzed as an effort to explain investment conditions and attract foreign capital before March next year.

Recently, with the global economic downturn causing foreign direct investment projects pursued by the province and local governments to falter at various points, the government's measures feel like "rain after a long drought" at a time of mounting urgency.

Perhaps for this reason, Governor Kim appealed to business leaders at the "Global Korean Entrepreneurs Investment Delegation Invitation Investment Briefing" held at the Seoul Hyatt Hotel on the 31st of last month, saying "Since various factors that made investment difficult in Gyeonggi Province have been alleviated, we urge you to actively pursue investment."

Governor Kim further stated, "The National Competitiveness Enhancement Committee has announced deregulation policies, and regulations will be eased in stages from late this year through June next year," emphasizing that "investment conditions will become even better than in China or Singapore."

He also introduced that "the province offers a striking foreign investment support system under which we lease land for 50 years at rental rates within 1% of development costs," and promised, "We will generously exempt corporate and local taxes as well."

Meanwhile, approximately 100 fellow entrepreneurs who participated in the 7th World Korean Entrepreneur Conference, including Kim Deok-ryong, chairman of the Korean Merchant Association, attended the briefing.