– Winning about $20 million worth of investments 

– The joint delegation of Gyeonggi and South Chungcheong returned home on October 10 after finishing explanatory sessions for investors (50-plus people from 40 hi-tech businesses) held in Hamburg. 

– The session was focused on enhancing the image of local administrative units, winning potential investors’ trust, securing potential customers as well as on explanations on incentives offered, infrastructure available for corporate activities, possibility of supply of relevant parts, and status of consumer markets. At the session, the delegation explained about local environment for investors and administrative/financial support offered to those from 40-plus German businesses interested in entering Korean or Asian markets. 

– In the joint session held at the Steigenberg Hotel in Hamburg, the first of its kind attempted by local administrative units, the delegation stressed the fact that the two provinces offer well-arranged infrastructure as regions close to Seoul and various incentives for foreigner investors as well as advantageous geographical locations along the West Coast for those interested in doing business with China. They expressed the wish to attract IT and automotive parts businesses, which are core strategic businesses for the two provinces. 

– Five German businesses, including three only identified as “Z,” “E,” and “C,” expressed great interest in investing in Korea after the explanatory session. “Z,” an automotive parts manufacturer, expressed interested in the possibility of supply car parts to Hyundai Motor, saying that its officer concerned would pay a visit to Korea in October. “E,” a business specializing in tests for development of bio/new drugs, expressed interest in the Bio Center in Suwon, saying that its officer concerned would pay a visit to the Bio/Nano Center in Gyeonggi Province in November to check the possibility of investment further. It is reported that the magnitude of potential investments expected to be made by those that showed interest come to more than $20 million. 

– It is also reported that, as a result of individual contacts by the delegation, “H,” a specialized coating business, “T,” an automotive parts manufacturer with specialty in R&D concerning cars, and “G,” an Italian metal packing business also made positive responses about their investments in Korea, possibly next year. The explanatory session was also attended by officials of the State of Hamburg and the City of Hamburg and representatives of car and electronics business associations 

– It appears that the significance of the activities carried out by the joint delegation was that the two provinces agreed to a strategic alliance designed to form an industrial cluster for carmaking and display businesses extending over the two provinces, make up for what either province lacks through mutual cooperation, and avoid excessive competitions between provincial offices to attract foreign investments to their area.