NEWS
Jeollanam-do Provincial Office, remarkable outcome
Writer
administ
Posted at
2009-11-10
Jeollanam-do Provincial Office, remarkable outcome of investment induction [Investment Planning Division] 286-2921
- Investment from 321 companies for the province, cities and counties as of September… 187 MOUs to the scale of KRW 7 trillion -
As the Jeollanam-do Provincial Office has been focusing on attracting investment since last year, investments of KRW 1,947.5 billion have been induced for the first 3 quarters of this year from 321 companies for the province as well as constituent cities and counties. Last year, the Jeollanam-do Provincial Office attracted a total of KRW 4,800 billion in investments from 499 companies.
Furthermore, the Jeollanam-do Provincial Office together with the cities and counties concluded MOUs with 187 companies to the scale of KRW 7,091.6 billion this year. This is an increase of 36.5% in terms of the number of investing companies from the same period last year (137 companies). 66 companies with which the Jeollanam-do Provincial Office has concluded MOUs have been making direct investments as of September. Accordingly, an investment realization growth rate of 35.3% has been recorded.
This remarkable accomplishment was due to the success of its promotion strategy to attract target companies, such as companies in the metropolitan regions and linked companies, to develop superior resources into future strategic industries.
In order to develop the primary eco-friendly agricultural, marine and livestock industries into advanced industries of high added values, the Jeollanam-do Provincial Office placed its focus on attracting processing companies. As a result, the Jeollanam-do Provincial Office could induce Matsarang, a food company in the capital city that processes such items as Kimchi, to relocate in Naju, as well as 27 other companies processing eco-friendly agricultural, marine and livestock products.
To make the most use of regional characteristics such as long hours of daylight and high winds, the Jeollanam-do Provincial Office invited 34 alternative energy companies including GSE Korea to develop a new and renewable energy industry that could be a globally leading green industry. An additional 25 companies were also attracted such as Topis, a supplier to Daewoo Electronics, in order to develop strategic industries using new materials.
Operating a TFT for investment induction of companies located in the capital region, 50 companies were also invited to relocate to the area such as C.L.Pharm, a manufacturer of medical supplies and functional food items, and Korea Authorization Corp. which operates branch offices in 12 ports around the nation that specialize in weighing and authorizing import and export items. While only 10 companies were induced last year, this was a five-fold increase.
Furthermore, activities to induce overseas companies were also carried out. As a result, 9 companies were attracted into the area including Olive TV, a Japanese company manufacturing environmental improvement materials.
In addition, diverse follow-up management systems are being operated, such as formation of a Joint Support Committee for Investing Companies and joint forums that together contribute to improving the investment rate.
For 25 companies including Taeheung Industries, with which investment was delayed due to funding problems even after conclusion of MOUs, the Jeollanam-do Provincial Office offered credit support through matching funds between financial institutes and the Joint Support Committee for Investing Companies as well as credit guarantees and outstanding technical personnel, etc. and therefore realized investments.
“We believe such an accomplishment was possible as we, all the divisions, departments, cities, counties and residents, all focused our efforts on investment induction,” said Director Song Yeong-jong of the Investment Policy Bureau. “We ask for active cooperation in the future so that we can achieve the goal of attracting 1,000 companies into Jeollanam-do.”
Meanwhile, the Jeollanam-do Provincial Office is focusing all its administrative powers on implementing a new and renewable energy industry cluster by inducing on the 15th the 5GW power generation complex and ancillary facilities as well as an R&D center in the islands and coastal areas of the southwestern region of Jeollanam-do. This is a gigantic project to create direct employment for over 25,000 people by inducing a private capital investment of KRW 18,320 billion. Once completed, this project will also bring in local tax revenues to the value of KRW 64.1 billion per year together with annual sales of KRW 30 trillion.
The Jeollanam-do Provincial Office is planning to finish the preliminary feasibility study and basic plans for the 5GW project within the year to commence the project in full scale.
- Investment from 321 companies for the province, cities and counties as of September… 187 MOUs to the scale of KRW 7 trillion -
As the Jeollanam-do Provincial Office has been focusing on attracting investment since last year, investments of KRW 1,947.5 billion have been induced for the first 3 quarters of this year from 321 companies for the province as well as constituent cities and counties. Last year, the Jeollanam-do Provincial Office attracted a total of KRW 4,800 billion in investments from 499 companies.
Furthermore, the Jeollanam-do Provincial Office together with the cities and counties concluded MOUs with 187 companies to the scale of KRW 7,091.6 billion this year. This is an increase of 36.5% in terms of the number of investing companies from the same period last year (137 companies). 66 companies with which the Jeollanam-do Provincial Office has concluded MOUs have been making direct investments as of September. Accordingly, an investment realization growth rate of 35.3% has been recorded.
This remarkable accomplishment was due to the success of its promotion strategy to attract target companies, such as companies in the metropolitan regions and linked companies, to develop superior resources into future strategic industries.
In order to develop the primary eco-friendly agricultural, marine and livestock industries into advanced industries of high added values, the Jeollanam-do Provincial Office placed its focus on attracting processing companies. As a result, the Jeollanam-do Provincial Office could induce Matsarang, a food company in the capital city that processes such items as Kimchi, to relocate in Naju, as well as 27 other companies processing eco-friendly agricultural, marine and livestock products.
To make the most use of regional characteristics such as long hours of daylight and high winds, the Jeollanam-do Provincial Office invited 34 alternative energy companies including GSE Korea to develop a new and renewable energy industry that could be a globally leading green industry. An additional 25 companies were also attracted such as Topis, a supplier to Daewoo Electronics, in order to develop strategic industries using new materials.
Operating a TFT for investment induction of companies located in the capital region, 50 companies were also invited to relocate to the area such as C.L.Pharm, a manufacturer of medical supplies and functional food items, and Korea Authorization Corp. which operates branch offices in 12 ports around the nation that specialize in weighing and authorizing import and export items. While only 10 companies were induced last year, this was a five-fold increase.
Furthermore, activities to induce overseas companies were also carried out. As a result, 9 companies were attracted into the area including Olive TV, a Japanese company manufacturing environmental improvement materials.
In addition, diverse follow-up management systems are being operated, such as formation of a Joint Support Committee for Investing Companies and joint forums that together contribute to improving the investment rate.
For 25 companies including Taeheung Industries, with which investment was delayed due to funding problems even after conclusion of MOUs, the Jeollanam-do Provincial Office offered credit support through matching funds between financial institutes and the Joint Support Committee for Investing Companies as well as credit guarantees and outstanding technical personnel, etc. and therefore realized investments.
“We believe such an accomplishment was possible as we, all the divisions, departments, cities, counties and residents, all focused our efforts on investment induction,” said Director Song Yeong-jong of the Investment Policy Bureau. “We ask for active cooperation in the future so that we can achieve the goal of attracting 1,000 companies into Jeollanam-do.”
Meanwhile, the Jeollanam-do Provincial Office is focusing all its administrative powers on implementing a new and renewable energy industry cluster by inducing on the 15th the 5GW power generation complex and ancillary facilities as well as an R&D center in the islands and coastal areas of the southwestern region of Jeollanam-do. This is a gigantic project to create direct employment for over 25,000 people by inducing a private capital investment of KRW 18,320 billion. Once completed, this project will also bring in local tax revenues to the value of KRW 64.1 billion per year together with annual sales of KRW 30 trillion.
The Jeollanam-do Provincial Office is planning to finish the preliminary feasibility study and basic plans for the 5GW project within the year to commence the project in full scale.