‘Sincere About Foreign Investment Attraction’ Chungnam Province Aims for $3 Billion Annual Inflow and Top Non-Capital Region Position

During the 1 Year 6 Months of the 8th Elected Term, $2.5 Billion Attracted
This Year’s Goal: $3 Billion Annual Foreign Investment Attraction
Investment Attraction Activities Strengthened with Expansion of Foreign Investment Zones

Chungnam Province aims to attract $3 billion in foreign investment this year, reclaiming the top spot for foreign investment attraction outside the Seoul metropolitan area.

On the 22nd, Chungnam Province announced that it will embark on full-scale efforts to attract foreign investment this year with this goal in mind. The direction of these efforts has been set to diversify the global supply chains of regional strategic industries and strengthen both online and offline investment attraction activities.

Specifically, to achieve the foreign investment attraction target, Chungnam Province plans to pursue tasks such as identifying strategic target companies, holding domestic and international investment briefings focused on field activities, enhancing incentives for excellent companies, strengthening online investment attraction activities, expanding foreign investment zones, and solidifying the operation of the Foreign Investment Support Center.

To identify strategic target companies, Chungnam Province will analyze domestic and foreign foreign-invested companies and intensify efforts to selectively attract global top-tier foreign-invested companies possessing future advanced technologies such as bio, hydrogen, and future vehicles to the region.

Additionally, the province will promote diversification of products and countries and focus on attracting companies capable of generating large-scale employment, such as those in tourism and logistics, beyond the manufacturing-centered attraction strategy.

For online investment attraction, Chungnam Province will open an account on LinkedIn, the world's largest business social media platform, to serve as a promotional channel targeting domestic and international investors.

Expansion of the Cheonan 5 foreign investment zone is also underway. With a budget of 115.8 billion KRW, the current foreign investment zone site of 336,604㎡ will be expanded by 153,177㎡ to a total of 489,781㎡.

Enhancing the operation of the Foreign Investment Support Center will be achieved through the formation and operation of the Chungnam Foreign Investment Companies Council, identifying and addressing difficulties faced by foreign-invested companies, supporting their management, and improving working conditions.

Previously, after the launch of the 8th local government administration, Chungnam Province achieved foreign investment attraction results by receiving a total investment of $2.52 billion from 21 foreign-invested companies.

In addition, in November last year, the province held its first-ever investment briefing in Europe, laying the groundwork for expanding global investment attraction, and designated three advanced investment zones.

A Chungnam Province official said, “Attracting foreign investment has significant effects on job creation and the local economy, as well as substantial import substitution and export effects. Chungnam Province will strengthen the diversification of supply chains and online and offline investment attraction activities in regional strategic industries such as semiconductors, displays, carbon-neutral economy, future vehicles, and hydrogen industries to achieve the annual target ahead of schedule.”

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