In the light of our province's influence, the first position nationwide in the manufacturing field foreign investment holds a symbolic meaning and can be interpreted as a manifestation of a sense of self-confidence, provincial governor Lee Wan-koo said to The Korea IT Times through a written interview.
Governor Lee spoke about the secret to the good outcome of foreign investment last year by saying: "First, large continuous corporate investment in the sectors of the auto, display, steel, and petrochemistry industries helped, since those are the four strategic industries for Chungcheongnamdo [Chungnam Province]."
Second, Chungnam's strategic location near to the Metropolitan area which is convenient for overland traffic contributed to good foreign fund attraction, according to Lee.
Third, the most important thing lay in fixing definite goals and passionately pursuing foreign investment, Lee emphasized.
Favorable investment condition, high interest from overseas
Regarding Chungnam's investment attraction goal and strategy in the year 2007, Governor Lee said: "With a goal of gaining a total of US$1.2 billion, investment attraction types of industry will be propelled with priority given to four strategic category of business such as petrochemistry, electric electronics, auto components, and steel."
Chungnam will also designate new regions such as Boryeong and Asan as foreigner investment regions, the governor stressed, in order to prepare groundwork for future investment.
To decoy new investors through strategic marketing, Chungnam plans to attract continuously new projects such as tourism, leisure, logistics, circulation and SOC (Social Overhead Capital) plus unfolding investment activity at home and abroad related to the province's strategy industry.
Lee further said that Chungnam will consolidate a mutual assistance system with special institutions like KOTRA. What's more, Chungnam plans to drive forward incremental investment inducement through tailor-made support about already-advanced foreign investment companies.
Korea's hub, powerful Chungnam
With regard to the province's business circumstance for foreign fund attraction, Lee stressed that Chungnam's location is very favorable because road traffic runs in all directions, making it a favorable location for corporate offices. The national capital region is also just nearby.
Chungnam plans to emphasize its location in its marketing plans and provide locally-oriented corporate investment activities. It also plans to offer other corporate investment incentives such as location subsidies.
Thanks to such favorable location condition, corporate interest is high, Lee commented. Approximately 490 companies invested last year plus the employed 15,076 personnel have contributed greatly to new employment creation and the local economy, the governor said.
In addition to bringing its excellent location into relief, Chungnam is slated to support location subsidies amounting to 23.5 billion won (US$25 million) to attract a host of enterprises including promising cutting-edge companies in the year 2007. It plans to publicize intensively through press media every month about traffic conditions, low factory lots, and abundant industrial manpower.
Foreign corporations that the current fourth term provincial government have attracted to the province include S-LCD, ASM, Photronics, and ENF Technology, Lee introduced.
Concerning the year 2007's oversea sroad shows, Lee committed himself to strive continuously for investment project excavation through overseas component material exhibition and exhibition participation.
Notably, Chungnam plans to dispatch investment attraction delegations to Canada and Spain in the first half of the year and Japan both in the first and second halves of the year respectively. It also plans to hold an investment inducement explanation meeting in the first and second half of the year.
Chungnam officials involved in the province's investment said: "Governor Lee's powerful foreign capital inducement support policy appears in additional designation for foreigner investment area and support institution's expansion."
Accordingly, it is said that Chungnam drives forward additional designation for foreigner investment areas in Asan Techno Valley and within the fifth local industrial complex in Cheonan, according to Chungnam officials.
Last but not least, Governor Lee commits himself to forge Power Chungnam, adding that the Province has selected 5 provincial goals and 10 strategic tasks to back this up.
Chungnam's 5 provincial goals consist of balanced local development, sharing welfare society, vital farming and fishing communities, dynamic industry economies, and a healthy natural environment.