Additional foreign investment zones designated 상세내용
Subject
Additional foreign investment zones designated
date
2005-10-26 00:00:00
일반게시판
내용
Four more foreign investment zones (FIZs) were designated on October 25, 2005 at the fourth meeting of the Foreign Investment Committee (FIC). At the meeting, three new business facilities and one site were added to the list of Korea’s FIZs.
Foreign investment zones are the selected areas in which foreign-owned businesses are granted incentives such as tax reduction and exemption, free or low lease of industrial sites, and customs duties exemption.
FIZs consist of two different types: individual enterprise-type foreign investment zones are facilities or business premises which cater to individual foreign-invested companies. Industrial complex-type foreign investment zones are sections of existing industrial complexes, which are reserved for occupancy by foreign-invested companies.
At the FIC meeting, three business facilities - DGA (a joint venture of Central Glass (Japan), Saint-Gobain (France), and Hanglass (Korea)), BOC GASES Korea (Britain), and Praxair Korea Co., Ltd. (U.S.) - were designated as individual enterprise-type FIZs. DGA plans to produce glass for plasma display panels (PDPs) in Gumi, North Gyeongsang province, by investing 78 billion won by 2007. In Youngin, Kyunggi province, BOC GASES Korea and Praxair Korea Co., Ltd. will produce the gas for semiconductor processing by investing 98.7 billion and 54.1 billion, respectively by 2008.
In addition, part of Busan Science and Industrial Complex (a 90,000-pyeong area*) was selected as an industrial complex type.
With the designation, individual enterprise-type FIZs increased to 19 businesses, and industrial complex types to 10 sites.
The concept of industrial complex-type FIZs were first applied to the South Chungchung province in 1994. Four years later, the individual enterprise-type FIZs were introduced in 1998 to better cater to the needs of foreign-invested companies.
Meanwhile, the committee members agreed to establish a foreign school in Daegu (approximately 280 kilometers southeast of Seoul) to meet the high demand for secondary education for foreign students. The school is scheduled to open in March, 2008.
* One pyeong equals to about 3.95 square yards.
