Extensive mudflats change into ‘Investment Promotion District’
- Declaration ceremony for Special Economic Zone (size of 1,100 soccerfields)
bringing economic effect of KRW 15.9T ($12.1B) & 80,000 new jobs
- Boosting nationwide economy combined with unprecedented tax benefits
Prime Minister Han Deok-soo(co-chair of the Saemangeum
Committee) attended the declaration ceremony of the 1
st
Investment Promotion District on June 30.
The ceremony was to commemorate the implementation of
national Saemangeum Agenda*
, showing the newly introduced
investment promotion district and the transformation of Saemangeum which has attracted a series of large-scale
investments under the government’s strong will.
*
(National Agenda No.38) Promote private investments through
Saemangeum International Investment Promotion District (improving
investment condition, infrastructure support, etc.)
The 1
st Investment Promotion District includes sites 1,2,5,and
6(8.1㎢) in Saemangeum National Industrial Complex and is 2.8
times of Yeouido in size.
Through the designation of investment promotion district, the
entrepreneurs in Saemangeum will receive exceptional benefits* such as 100% reduction in corporate and income tax. The
economic ripple effect of investment implementation is expected
to reach KRW 15.9 trillion($12.2B) and 80,000 jobs.
* Corporate tax & income tax 100% for 3 years, 50% for 2 years,
use of public waters for 10 years
** Analysis of the ripple effects according to the Regional Industry
Association Table (in 2015) published by the Bank of Korea
Saemangeum area is expected to gain more momentum in
corporate investment through Saemangeum Investment
Promotion District which is a successful example of customized
support system for entrepreneurs.
The whole Saemangeum area is planned to be designated to
Investment Promotion District, following the 1
st Investment
Promotion District.
Prime Minister Han Deok-soo said, “The designation of the
Investment Promotion District will improve economic vitality in
Saemangeum.” He added “The national government will continue
to support Saemangeum by constructing infrastructure in time.”
