Betting on the "4th Industrial Revolution"... Gangwon's Drive for Economic Revival

Creating a Business-Friendly Environment and Attracting 'New Deal Projects'
Establishing a Logistics and Transportation Hub in the East Sea Rim Region

Comprehensive Development Plan for Gangwon 2040 Future [Provided by Gangwon Province]

[Asia Economy Reporter Ra Young-cheol] Gangwon Province has declared this year as the "Year of a Great Leap Forward as the Global Economic Hub Leading the 4th Industrial Revolution."

It identified four key sectors as the driving forces to revive Gangwon's economy after the end of the COVID-19 pandemic: "Industry & Investment," "Export & Trade," "Aviation & Shipping," and "Legoland."

To this end, it has established 14 strategic initiatives across four major areas: ▲ strategic investment attraction for job creation and regional economic revitalization ▲ creation of new growth engines for Gangwon exports and diversification of international exchanges ▲ establishment of logistics and transportation hubs in the East Sea Rim area ▲ successful development of the global theme park Legoland Korea.

◆ Industry & Investment Sector

This year, the province will implement a comprehensive investment attraction plan aimed at creating quality jobs and attracting companies in demand for the 4th Industrial Revolution.

Following last year, it plans to continuously secure large-scale projects, including attracting public institutions and large to mid-sized enterprises.

The strategy is to discover specialized industries linked to local resources and key issues, and gain a competitive edge over other provinces through institutional improvements and incentive support.

While collaborating with provincial, city, and county governments and related agencies, the province will conduct a full survey of suitable investment sites such as idle land and national/public land within the province, targeting public institutions and mid-to-large enterprises for large-scale project attraction activities.

Efforts will focus on attracting companies related to the 4th Industrial Revolution and Gangwon-type New Deal projects, including bio and medical devices (Chuncheon, Wonju), semiconductors and new materials (Gangneung), e-mobility industry (Hoengseong), and hydrogen-based R&D (Samcheok).

Hong Nam-ki, Deputy Prime Minister for Economy, Visits East-West Power New Deal Project Site

For New Deal industries linked with the Ministry of Trade, Industry and Energy, the equipment subsidy rates will be expanded to 3% for large enterprises, 5% for mid-sized enterprises, and 10% for small and medium enterprises, and criteria for attracting small-scale startups related to the 4th Industrial Revolution will be established, significantly improving corporate attraction support systems.

To ensure prompt investment implementation by companies signing investment agreements, the province plans to secure the maximum local investment promotion subsidies and provide timely provincial investment subsidies to promote stable investment and early settlement of companies.

With the goal of completing one industrial complex this year, the province will additionally develop 24 sites totaling 13,809,000㎡ (1 national, 14 general, 2 urban, 7 agro-industrial) by 2025, supplying industrial facility land by region to attract companies and nurture local businesses.

Centered on the Gangwon Innovation City Development Support Center, the first of its kind nationwide, the province will strengthen local talent recruitment and development linked with relocated public institutions and promote win-win cooperation such as prioritizing local product purchases.

The Gangwon Innovation Knowledge Industry Center, scheduled for completion in July with 10 floors, will house the Gangwon Innovation City Development Support Center, the National Health Insurance Service Silver Medical Device Research Institute, and the Local Administration Research Institute.

◆ Export & Trade Sector

The province has set a goal of achieving $2.1 billion in exports this year, seeking to expand exports by local companies struggling due to the economic downturn.

It plans to further increase online exports and strengthen the export competitiveness of local companies through substantial support.

Building on last year's online export platform agreements with Nanjing (Zhaixian Group) and Nanchang (Meifan Group), the province will expand online e-commerce to three Chinese regions: Shenzhen, Zhengzhou, and Guangzhou.

Additionally, it will establish an advanced studio (Global ICT Convergence Studio) capable of hosting non-face-to-face online events to enhance not only export competitiveness but also non-face-to-face competitiveness of local companies.

As the acceleration of non-face-to-face business and online services is expected to continue even after the end of COVID-19, the province will strengthen support for untact and emerging market-specialized total export solutions.

Gangwon Win-Win Job Forum

The province will conduct customized trade marketing from a long-term perspective for export companies within the province, focusing on emerging regions and export hubs to expand the potential value of products and establish local distribution networks.

The 9th GTI International Trade & Investment Expo this year will be held both online and offline, supporting local companies' overseas market development through a two-track approach.

Particular focus will be placed on expanding export markets for key export strategic items such as agricultural and food products, automobile parts, medical devices, and bio products, which are export mainstays of the province.

In cooperation with KOICA, the province will invite high-ranking public officials from Asia and Africa to share cases of Gangwon-type urban and rural linked regional development policies and expand the foundation for international exchange and cooperation.

◆ Aviation & Shipping Sector

With COVID-19 vaccine supply expected in the first half of this year and travel demand projected to recover in the second half, the province plans to normalize airport functions and promote tourism through route diversification and airport facility improvement projects.

It will implement a visa-free entry system (allowing stays in Korea without a visa for one month) mainly targeting tourists from China and Southeast Asia and develop tourism products linked with airports.

To strengthen competitiveness in the shipping sector, the province will focus on creating specialized ports and infrastructure by East Coast port and region to generate shipping cargo volume and activate shipping routes.

For this, it will promote the "Gangwon-type integrated transport network," connecting maritime transport networks of Incheon Port and Donghae Port with inland railroads and trucks, and open a "container route" linking Donghae and Busan. The province is also preparing to establish a logistics complex in the Gangwon region to connect inland logistics networks.

Donghaean Economic Free Zone Bukpyeong District

To revitalize the overseas cruise tourism industry, which has been halted due to the prolonged COVID-19 pandemic, a coastal cruise council comprising five major ports nationwide (Busan, Incheon, Yeosu, Jeju, Sokcho) will be formed, and new tourism products will be developed within this year.

For drone industry development, the province will promote central government drone contest projects and cooperate with drone companies and local city and county governments on drone R&D projects such as establishing a drone special free zone.

Coinciding with the completion of the drone sports stadium, the 5th International Drone Sports Competition will be held at the Gangneung Speed Skating Stadium this year.

Through the promotion of drone team racing, an exhibition event held for the first time nationwide at the Provincial Residents' Sports Festival, the province aims to establish drone sports as an official sports discipline.

◆ Legoland Theme Park

The Chuncheon Hajungdo tourist site will be reborn as a nature-friendly tourist destination centered on waterfronts, including the Legoland theme park, an archaeological park and relic exhibition museum, Gangwon International Exhibition & Convention Center, a luxury hotel, and a large-scale resort.

To maximize job creation and regional economic revitalization through Legoland theme park, the province will prepare for tourists by installing Legoland tourism signboards, tourist information centers, and road signs in Chuncheon.

Lego City

When hiring staff for Legoland theme park, the province will cooperate with local universities and job foundations, and encourage the use of local agricultural and marine products for consumption and food material purchases within the theme park. Plans to utilize local companies for Legoland outsourcing projects are also under discussion.

The province plans to complete the archaeological park by the end of December this year and the relic exhibition museum by July next year. The Gangwon International Exhibition & Convention Center will enter basic and detailed design phases after passing the central investment review.

Ahn Kwon-yong, Director of Global Investment and Trade, stated, "Due to the impact of COVID-19, difficulties in attracting companies are expected to continue this year due to weakened corporate investment sentiment. However, through all-out investment attraction and improvement of the investment environment, we will make this year a leap forward as a global economic hub leading the 4th Industrial Revolution."

This content was produced with the assistance of AI translation services.