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Saemangeum Manufacturing & Export Model (using FTA)

This is a model in which products manufactured in the Saemangeum area with a global network are exported to other products. Currently, the USA and China without an FTA are faced with huge risks due to retaliatory tariffs stemming from trade disputes. Manufacturers based in the Saemangeum area can take advantage of the FTAs between Korea and each of the two countries and ship their products overseas without the tariff burden.

  • Tariff exemption leading to reduced export costs and improved price competitiveness
  • Taking advantage of the logical infrastructure of Korea, a Northeast Asian logistics hub

Reverse Export Model

This is a model that exports finished products to one's own country or other countries with great reliability as goods "Made in Korea" with world-class manufacturing, processing, storage, testing and certification capabilities. The reverse export business model by Southeast Asian manufacturers from Thailand or Vietnam, for instance, is highly likely to succeed due to the high preference, reliability, and customer satisfaction associated with goods made in Korea.

  • Increased product reliability and customer satisfaction
  • Access to various Korean logistics infrastructure
  • Tapping Korea recognized as a global test bed

Mutual authentication model

This is a model to ease the certification process during import and export by establishing an organization that shares certifications between countries. Linking and cooperating with many overseas certification agencies, the model is expected to help expand export markets for domestic companies. Given high costs associated with overseas tests/certification, the significance of local tests/certification institutions having such overseas connection is likely to grow over time.

Korea → China Export : Export following mutual approval of certification bodies
Korea → China Export
Companies receiving test/certification and technical guidance support need to have a certification body adjacent to them so that verification/certification and support/R&D task discovery are efficiently linked.
China → Korea Export : Illustrative(KS Mark)
China → Korea Export
Given quite a number of countries do not have test/certification systems/infrastructure, the mutually approved certification agency in Saemangeum will be highly demanded.
  • Expected to increase assurance about the quality and reliability of the products shipped from Saemangeum
  • Expected to facilitate the discovery of new business items and mid- to long-term business expansion

Investment model targeting the global market

This is a model that targets the global market by investing in business optimized for the Saemangeum area such as renewable energy and accumulating related know-how. Saemangeum has the world's largest 2.1GW floating PV power generation complex at a very favorable location in Korea. If investors successfully run their business and accumulate relevant know-how, they will be able to compete successfully in the worlds’ increasingly competitive floating PV power generation market.

  • Business know-how accumulation and overseas market advance
  • High national-level interest and active support

Urban development model

This is a model in which land is reclaimed or purchased to develop a tourist complex that can sell higher-value land and generate revenue from it. The planned population and overall business conditions in Saemangeum will create an environment favorable for various urban development business models.

Saemangeum Population Plan
  • Total projected population
    758,700
    • Complex City Land
      472,400
    • Industrial Site
      182,300
    • Scientific Research Site
      48,000
    • New & Renewable Energy Site
      21,200
    • Agri-biotech Site
      21,000
    • Sinsi-Yami Multifunctional Site
      13,800
Population distribution plan (unit: person)
Surrounding cities : 469,200(62%), Complex city : 109,000(14%), Hinterland city : 104,000(14%), Other within the area : 76,500(10%)
Business Environments
Government-led promotion
  • The government-led promotion of a smart waterfront city at a part of the International Cooperation Site (6.6㎢) based on advanced water management technology (organization in charge: Saemangeum Development Corporation)
High accessibility
  • Construction of the east-west axis road (2020) and north-south axis road (2023) within the Saemangeum area
  • Saemangeum-Jeonju Expressway (2023)
  • Construction of Saemangeum New Airport and Saemangeum New Port
Economic zone with a residential area
  • New companies are arriving at the Industrial Site, etc. in addition to 16,000 factories operating in the Saemangeum Economic Zone
  • The population likely to keep growing due to the operation of the world's largest renewable energy complex
  • 1Urban development MD
    • A master developer who develops the entire city including waterfront areas, develop purpose-oriented sites and generate revenues from their sales
  • 2Construction and operation of core facilities
    • Construction of core urban facilities such as commercial/community facilities and profit generation from their lease/operations
    • Enhancing corporate brand value through the construction and operation of urban landmark facilities
  • 3Providing services for residents
    • Profit creation by providing differentiated services to the resident population such as schools and hospitals
    • Profit generation by providing real estate brokerage services and settlement support services for foreigners
  • Business ventures’ diverse demands can be met given the vast Saemangeum area under development
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