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
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.
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.”