New Designation of ‘Complex-Type Foreign Investment Zone’ in Tangjeong, Asan, Chungnam

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Tangjeong in Asan, Chungnam has been newly designated as a complex-type foreign investment zone.

According to Chungnam Province on the 11th, the Asan Tangjeong complex-type foreign investment zone will be developed on an 85,337㎡ site in Galsan-ri, Tangjeong-myeon, Asan City, with a total project cost of 64.5 billion KRW, including 38.7 billion KRW of national funds.

The province expects that this designation will generate export effects of 2.875 trillion KRW, sales of 4.8476 trillion KRW, and value-added creation effects of 1.8357 trillion KRW over the next five years.

Companies moving into the Asan Tangjeong foreign investment zone will receive financial support such as rent equivalent to 1% of the land value and long-term leases of 50 years, as well as various local tax and customs tax benefits.

Currently, three semiconductor-related foreign investment companies are preparing to move in under investment agreements totaling 119 million USD.

If these foreign investment companies sign lease contracts by the end of this year, more than 83% of the total area of the Asan Tangjeong foreign investment zone will be leased.

Considering the ongoing investment inquiries about the remaining land, the province expects that all leases in the Asan Tangjeong complex-type foreign investment zone will be completed by the first half of next year.

Meanwhile, Chungnam currently operates complex-type foreign investment zones not only in Asan Tangjeong but also in Cheonan Baekseok, Asan Inju, Cheonan 5, Dangjin Songsan 2, Dangjin Songsan 2-1, and Dangjin Songsan 2-2.

There are a total of 30 complex-type foreign investment zones nationwide, of which 23.3% are concentrated in Chungnam.

Excluding the Asan Tangjeong foreign investment zone, six complex-type foreign investment zones in the province had leased 91.9% (1,270,527㎡) of the leasable area of 1,381,964㎡ out of the total area of 1,411,135㎡ as of the 8th of this month.

Kim Young-myeong, Director of the Provincial Economic Office, said, “The province will make the Asan Tangjeong foreign investment zone a hub of advanced industries by linking it with the Cheonan-Asan Small Giant R&D Special Zone and the display materials and parts specialized complex. Through this, we will promote synergy between foreign investment companies and domestic companies and revitalize the regional economy.”

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