Sejong City to have many business, investment drawcards, says Korea.net


To realize the goal of making the new Sejong City in South Chungcheong Province a global business and investment hub, the government has designated two specialized zones in the plan — a “global investment attraction zone” in the northeast and an “international cooperation zone” near the city center.
Other than these two zones, the city of Sejong will also include a “high-tech green industry zone” in the northwest, an “international science and business belt” in the west, a “commerce and culture zone” in the south, and finally a “university and research center zone” in the east.
The government recognized that foreign investment is most critical in making Sejong a self-sufficient high-end city and has placed the global investment zone right next to the green industry zone.
This is based upon the assumption that quality products made in the industrial zone will be easily transported and promoted to foreign investors and enterprises based in the nearby investment zone, thereby expediting the globalization of Sejong City.
Situated on 1.9 million square meters of land, the investment attraction zone will induce headquarters and research institutes of major international corporations to set up here, as well as providing schools, housing and hospitals for their staff and families.
The government plans to speed up the inducement of foreign investors as soon as the National Assembly passes the amendment of the law on foreign investment promotion in February.
In ways to further activate foreign investment in Sejong City, the government has pledged to provide special tax breaks for incoming corporations.
For example, the corporations will be exempted from paying acquisition, registration and property taxes for the first 15 years.
Then at the heart of Sejong City, close to the planned green central park, will be placed the “international cooperation zone.”
The government plans to invite international organizations, including those charged with solving the problems of climate change, and Asian headquarters offices of multinational corporations into the zone.
Convention and exhibition centers, hotels and commercial facilities will also be built in the region, and a special English speaking district will be designated as well.

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