Gyeonggi-do government plans to gratuitously provide building sites to foreign enterprises in order to induce new and additional investors.
　
About 600 foreign investors and related faculties attended to the ‘Gyeonggi Province Foreign Investment Seminar’ held by the Gyeonggi-do government at the Grand Hyatt Seoul on Feb. 12. Information on factory site offers, tax benefits, services from moving in and up to completing construction, Gyeonggi-do explained various incentives to interested investors.
　
During the seminar, Hak-gyu Sohn, provincial governor of Gyeonggi-do, said, “Building sites for factories will be provided gratuitously or at a moderate price to foreign enterprises who are interested in investment. Rent is 1% from composition costs and may also be provided free of charge when your industry grows. Rental term can be set to 50 years and over.”
　
Sohn also added, “Existing industrial complexes, 현곡, 포승 and other complexes including the IT-LCD cluster linking 파주 and 평택, will be promoted as industrial lands for foreign enterprises.”
　
In addition, “Employment subsidy fund of 1 billion won and training subsidies up to 200 million won at highest will be granted to each foreign enterprise that places investments. Benefits such as exempting national tax such as corporation tax and income tax for up to 7 years and after that taxation will be reduced by 50% for 3 years. Local tax will also be exempted 100% for 15 years.”
　
(Rest omitted)

Source: The Kyeongin Ilbo, February 13, 2004