"This Year's Goal: 1 Trillion Won"‥ Gangwon-do Challenges Record High Performance with 'Strategic Investment Attraction'

Focused Attraction of Leading Companies and Public Institutions

Aerial View of Wonju Enterprise City [Provided by Gangwon Province]

[Asia Economy Reporter Ra Young-cheol] Gangwon Province is challenging its best-ever performance this year through strategic investment attraction.

According to the province on the 23rd, the scale of investment attraction in April was 450.3 billion KRW, and if the current trend continues, it is expected to exceed this year's investment attraction target of 1 trillion KRW.

The province cited as major investment attraction achievements that Jipyeong Brewery Co., Ltd., a traditional liquor production specialist, invested 19.4 billion KRW to establish a third factory following the second factory in the Dongchuncheon Industrial Complex, expanding employment, domestic market share, and advancing into overseas markets.

Also, Busol EPT Co., Ltd., an electric vehicle motor manufacturer, plans to invest 11.3 billion KRW to build its headquarters and factory in the Hoengseong Ucheon Industrial Complex by 2023, creating new jobs.

RF Bio Co., Ltd., a medical device R&D company, will invest 40 billion KRW to relocate its headquarters and factory to Wonju Enterprise City, and Yein Cosmetic Co., Ltd., a cosmetics manufacturer, plans to invest 19.6 billion KRW to additionally hire local talent.

Eltek Korea Co., Ltd., a high-performance server manufacturing specialist, plans to create about 300 jobs and build an AI-specialized data center worth 360 billion KRW at its Pyeongchang site by 2023.

The province's strategy is to secure an advantage in competition with other cities by discovering specialized industries linked to local resources and key issues, improving systems, and supporting performance bonuses based on region-specific specialization strategies.

Additionally, it plans to maximize synergy effects by focusing on attracting public institution-related facilities such as training centers that activate the distribution of local agricultural and livestock products and have significant employment effects, as well as attracting companies related to the 4th Industrial Revolution and Gangwon-type New Deal projects.

Furthermore, in connection with the Ministry of Trade, Industry and Energy's New Deal projects, the province plans to expand equipment subsidy rates to 3% for large enterprises, 5% for mid-sized enterprises, and 10% for small and medium enterprises, establish standards for attracting small-scale startups related to the 4th industry, and significantly improve corporate attraction support systems including expanded employment incentive support.

An Kwon-yong, Director of the Global Investment and Trade Bureau, stated, "We will continue to achieve investment attraction results where companies and regions can grow together by operating competitive investment support systems, analyzing corporate relocation demands and investment directions, and selecting strategic industries by region through investment attraction activities."

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