Economic Cooperation Complex Creation ::Saemangeum Development and Investment Agency

Economic Cooperation Complex Creation - Saemangeum Korea-China Industrial Cooperation Comp

Economic Cooperation Complex Creation: Economic Cooperation Complex; Saemangeum Korea-China Industrial Cooperation Comp; Yantai China-Korea Business Cooperation Complex; Yancheng China-Korea Industrial Cooperation Comple

A huge consumer market along the West Coast of Korea
- Mega cities like Seoul and Busan within 3 hours by car
- The center of the West Coast Industrial Belt and the West Coast Tourism Belt
An economic hub city in Northeast Asia with 1.5 billion people
- Adjacent to large markets such as China, Japan, and Russia
- Located within the shortest distance of China’s special economic zones

1Economy directly controlled by the Korean government
- Prompt project promotion and customized support
- Efficient cross-border cooperation through consultations between government agencies
2A stable business foundation supported by the Korean government
- Public support for major infrastructure like ports, Saemangeum-Jeonju Expressway, East-West 2-axis road, and North-South 2-axis road
3A new growth base in Korea’s Comprehensive National Land Development Plan
- A gateway to the Chinese market and a tourism hub in the region as Korea’s new growth base
4Advantageous for investors’ creative development plans
- Great potential offered by new land created through the construction of a seawall
- No conflict risks with surrounding areas due to the creation of land from the sea
5Favorable geographical accessibility
- (International) Great marine accessibility to major industrial clusters in China such as Shanghai and Qingdao
- (Domestic) Fast access to Seoul, Gyeonggi and southeastern mega cities in Korea

The Saemangeum Development and Investment Agency (Vice Minister-level) under the Ministry of Land, Infrastructure and Transport
The Saemangeum Committee (Chairman: Prime Minister) for important decisions on the Saemangeum Project
※Committee Members (Ministers): Ministry of Economy and Finance; Ministry of Science, ICT and Future Planning; Ministry of the Interior; Ministry of Culture, Sports and Tourism; Ministry of Agriculture, Food and Rural Affairs; Ministry of Trade, Industry and Energy; Ministry of Land, Infrastructure and Transport; Ministry of Oceans and Fisheries; Jeollabuk-do; Saemangeum Development and Investment Agency, etc.
Korea Land and Housing Corporation under the Ministry of Land, Infrastructure and Transport; Korea Rural Community Corporation under the Ministry of Agriculture, Food and Rural Affairs; and the Korea Research Institute for Human Settlements

An industrial cooperation complex promoted by Korea and China through cooperation in various fields such as the joint operations of the complex and the promotion of corporate investment based on their bilateral FTA
A complex designated by the two governments under the Korea-China FTA (Article 17.26: Economic Cooperation, Korea-China Industrial Complexes/Parks)

Additional benefits to tenant companies on top of the regulatory favors and incentives granted those in the region
Extra benefits determined through the Korea-China (Ministry of Trade, Industry and Energy -Ministry of Commerce) Vice-Minister Level Council

An industrial cooperation complex designated following the FTA execution and a summit meeting (Oct. 2015) between Korea and China, and the establishment of a vice-minister level cooperation mechanism (MOU dated 31 Oct. 2015 between Ministry of Trade, Industry and Energy, Korea and Ministry of Commerce, China)
Korea (1 complex): Saemangeum, China (3 complexes): Yantai in Shandong Province, Yancheng in Jiangsu Province, and Huizhou in Guangdong Province
The Saemangeum Korea-China Economic Cooperation Complex being promoted as a pilot project according to the agreement at the bilateral summit meeting in July 2014
Significant contributions to the effects of the Korea-China FTA through increased bilateral investment, enhanced cooperation in quarantine and customs clearance, energized industrial cooperation, and expanded FTA networking

Leading projects in the Saemangeum Industrial Complex being built by the project operator (Korea Rural Community Corporation)
Sections 1 and 2 (4.5㎢) of the Saemangeum Industrial Site, which are available for immediate purchase, being promoted as the leading project area in the Korea-China Industrial Cooperation Complex
Section 1(1.9㎢) was completed at the end of 2015 and section 2(2.6㎢) at the end of 2017
The target area to be expanded in accordance with the demand for industrial land by the two countries’ businesses and the progress of cooperation between the two countries

1
Immediate Land Purchase and Move-in
- Section 1 (completed in 2015) available for immediate purchase and move-in
  - Completion of construction, immediate move-in
2
Infrastructure Edges
- Complete infrastructure such as power, gas, water, energy (steam), telecommunications, and wastewater treatment facilities among others
  * Normal services being delivered to resident companies such as Toray Advanced Materials Korea and Solvay Silica Korea
3
Accessibility Improvements
- Exporters of goods made with imported raw materials: Exemption of customs duties when goods are exported; either raw materials tariffs or product tariffs when goods are distributed locally
- Unlimited storage period for imported goods
4
Abundant Technical and Production Manpower
- Jeollabuk-do runs 41 national and government-funded research institutes and technology research centers
- Jeollabuk-do produces 3,000 graduates from 10 universities and 5,000 graduates from specialized high schools and vocational training institutions
5
Long-term Rental Land to Foreign-Invested Companies
- Lease for up to 100 years after land purchase by the Korean government