Gyeonggi Province Expects 20 Trillion Won Investment Following Deregulation of Capital Region Restrictions

Following the promulgation and enforcement of amendments to the Capital Region Readjustment Act and the Enforcement Decree of the Industrial Complex Activation and Factory Establishment Act on the 16th, it is projected that corporate investments of over 20 trillion won will follow in the Gyeonggi region.

According to the provincial government on the 15th, a recent survey of 383 large and medium-sized enterprises in the Gyeonggi region regarding additional investment plans in response to various deregulation measures, including improvements to the factory construction permission quota system under the Industrial Complex Activation Act, revealed that 38 companies plan to invest 20 trillion 257 billion won in the future.

Among these, 11 companies answered that they would invest 794.2 billion won at the earliest possible time, and 6 companies responded that they would invest 424.2 billion won after monitoring economic conditions.

Additionally, the remaining 21 companies stated they would make 19 trillion 35.5 billion won in additional investments on a medium- to long-term basis.

The province predicts that when corporate investments materialize as surveyed, there will be employment creation effects of approximately 15,000 direct jobs.

Furthermore, with factories of 500㎡ or less being excluded from the factory quota area and government-established industrial complexes being excluded from this area, the province estimates that approximately 267,000 new jobs will be created.

A provincial official explained, "We anticipate that approximately 282,000 new jobs within the province will be created in both the short and long term due to the relaxation of business regulations."

With the amendment to the Enforcement Decree of the Capital Region Readjustment Act, development of 1,233㎢ out of 2,606㎢ of conservation land within the natural conservation zones of Yongin, Anseong, and Namyangju has become possible.

Additionally, 8.5㎢ of natural conservation zones in the Wonsam-myeon area of Cheoin-gu, Yongin City and Samjuk-myeon area of Anseong City will be adjusted to growth management zones where development is possible.

Accordingly, the province plans to establish and operate an investment attraction promotion team to enhance the effects of deregulation.

Meanwhile, the government plans to promulgate and enforce the amendments to the Capital Region Readjustment Act and Industrial Complex Activation Act Enforcement Decrees on the 16th following their passage through the State Council on the 13th.