– Different investment strategy by country
 – Germany, Sweden : Small but strong car parts manufacturers
 – Denmark : Businesses with new medical technologies
 – Form associations for businesses with high potential, establish an investment-cooperation network

Gyeonggi Provincial Government announced that it will dispatch its investment promotion task force to Germany, Sweden, and Denmark this October from the 13th to 25th focusing on car manufacturers and cutting-edge medical device companies , both of which are the province’s major industries.

The investment promotion task force will be visiting Bayern innovative cluster automotive, Stuttgart region automotive cluster, Sweden medical products agency and a list of regional Chamber of commerce and industries to promote the investment environment in Gyeonggi Province, and focus on networking with member companies, Hyundai-Kia Motors, and secondary vendors to stimulate joint investment and business.

Another important task is to attract research facilities from high-standard companies in Europe by introducing research schemes from major engineering colleges in Gyeonggi Province, their research facilities, equipment, and lots.

Using its superior research manpower at universities and through international collaborative research, it will show Korean market’s future growth potential. A multinational German company “A” is considering building an R&D center in Korea.

This was the result of a local government-university investment promotion strategy carried out by Gyeonggi Province and affiliate universities, utilizing university facilities and equipment. Such collaborative strategies stood out among from conventional capital investment promotion strategies.

Sungkyunkwan University and Kyung Hee University business-university collaboration centers are already working with Gyeonggi to attract R&D investment by visiting Switzerland and Germany.

Investment from Europe is lower in comparison to other countries such as US and Japan. Whilst promoting investment in individual European countries, the task force will consult Stuttgart bank “L” on plans to build a support center to assist hidden champions in Europe in penetrating the Korean market.

A Gyeonggi official said “Europe has signed the FTA early on and is recovering from the recent economic crisis. We decided to dispatch a task force because many companies are considering Korea as their stepping stone into the expanding Asian market.”

The local government will prepare concrete marketing strategies on Gyeonggi’s investment environment depending on the outcome of this Europe trip.