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Title Gangwon-do Develops Products for Foreign Capital Attraction, Such as Medical and Tourism Industry

Sept 19, 2013

(Chuncheon=Yonhap News) Lim Boyeon= The Global Business Bureau of Gangwon-do announced, on the 19th, that ‘Gangwon-do style product development for foreign capital attraction’ will be its main policy next year.

The announcement means that foreign capital attraction will be aggressively pursued through competitive product development. Thus far, foreign capital has been passively attracted through administrative and financial incentives, such as inexpensive site provision.

This change of attitude is based on the judgment that similar incentives by almost every local autonomous entity do not provide a competitive edge any more.

Therefore, Gangwon-do plans to create the region and industry specific investment products sought by foreign investors in order to sharpen the competitiveness of Gangwon-do’s foreign capital attraction.

The medical industry and bio-industry in the Chuncheon area, the parts and medical devices industry in the Wonju area, and the tourism industry in the Gangneung area are the examples of products for foreign capital attraction.

Gangwon-do is planning to cooperate with the companies within the region in order to identify competitive foreign capital attraction projects.

In addition, it will build a database to support foreign joint ventures and designate so-called mini free economic zones.

Gangwon-do’s plan is to find out new economic cooperation projects in areas where mutual exchange has occurred so far and exert every effort to accomplish export expansion through the Health and Medical Treatment Cooperation Agency organized by Gangwon-do, the area’s hospitals and medical device manufacturers, last year.

Lee Ukjae, a representative of the Global Business Bureau, said, “Currently, the foundation for exchange created through the Governor's Conference of Northeast Asia and Greater Tumen Initiative, etc., can bear fruit in the midst of the global change of economic circumstances, such as Northeast Asia’s significant economic power and North Pole Route. The Bureau will make every effort to transform international exchange into economic exchange and attract foreign capital.”


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