– Targeting promising European businesses engaged automotive parts and display industries 
– Laying the basis for mutual cooperation through strategic alliance 

The Provincial Offices of Gyeonggi and South Chungcheong are holding a joint explanatory session for European hi-tech businesses interested in investing in Korea. 

During the seven-day joint session held in Hamburg, Germany, starting on October 4, the eight-member (four from each province, respectively) delegation will speak to about fifty hi-tech and R&D businesses of Germany. 

The session has its significance in making a jointly strategic effort focused on formation of clusters specializing in the car and display industries. 

At present, the world’s largest LCD cluster is formed in an area extending from Tangjeong, South Chungcheong (i.e. S-LCD of Samsung Electronics) to Paju, Gyeonggi (i.e. LPL of LG Phillips). An automotive business cluster has also been formed in the two provinces. 

The joint explanatory session held for prospective investors is designed for more efficient management of the clusters and reduce undesirable side effected caused by the excessive competitions among local autonomous bodies in attraction of foreign investors through reciprocally cooperative strategic alliance. 

In the session held in Hamburg, the joint delegation will put a stress on the clusters’ geographical advantage as areas enjoying well-developed industrial infrastructure and near the huge market in China. 

Last January 27, the two provinces signed an agreement for mutual cooperation in attraction of foreign-based investors. They also agreed to designate joint FEZs and form industrial complexes on their border areas in an effort to make up for what one may lack with cooperation from the other. 

It appears that the two provinces can take advantage with cooperation from each other. Taking one thing for example, Gyeonggi is subject to the current regulations over industrial facilities in Seoul and its vicinity, whereas such regulations do not affect South Chungcheong. Thus, the two provinces will be able to find many areas in which they can cooperate with each other.