Goyang Special City signed a business agreement with the Gyeonggi Province Foreign Investment Enterprise Association to designate a free economic zone and to promote foreign investment. This agreement is expected to further strengthen the cooperative system for the leap forward as a global self-sufficient city.
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[Korean Today] Goyang City and Gyeonggi Province Foreign Investment Enterprise Association Sign Business Agreement © Reporter Seung-ju Ji |
Goyang Special City (Mayor Lee Dong-hwan) announced on the 17th that it signed a business agreement with the Gyeonggi Province Foreign Investment Enterprise Council (GAFIC) at the city hall open market room to designate a free economic zone and promote foreign investment.
The signing ceremony was attended by Goyang Special City Mayor Lee Dong-hwan, Gyeonggi Province Foreign Investment Enterprise Association Chairman Lee Byeong-rak, and Secretary General Kim Yong-moon. The main contents of the agreement are ▲mutual cooperation for the designation of Goyang City as a free economic zone and promotion of investment attraction ▲advice and support related to attracting foreign investment, etc.
The Gyeonggi Foreign Investment Enterprise Association was established in 2006 to promote exchanges between approximately 3,800 foreign investment enterprises in Gyeonggi Province and to operate the Gyeonggi Foreign Investment Enterprise Support Center (GSFIC) to support investment attraction and resolve management difficulties.
Mayor Lee Dong-hwan of Goyang City said, “Through the agreement with the Gyeonggi Province Foreign Investment Enterprise Association, we expect that the designation of Goyang City as a free economic zone and the activation of foreign investment will gain more momentum,” and “Goyang City has favorable conditions for corporate activities, such as airport accessibility, excellent human resources, and optimized living conditions, so we will continue to actively support and promote it so that more foreign investment companies will take interest.”
Lee Byeong-rak, chairman of the Gyeonggi Province Foreign Investment Enterprise Association, said, “Goyang City is a city with an excellent investment environment, including transportation, housing, and industrial infrastructure,” and added, “I hope this agreement will serve as an opportunity for new foreign investment companies to advance into the market.”
Goyang City is currently promoting a free economic zone of approximately 5.34 million pyeong, and aims to leap forward as a global economic hub city by attracting cutting-edge industries such as bio and precision medicine, K-culture, MICE industry, smart mobility, and aerospace industry.
The free economic zone plans to improve the management environment and living conditions of foreign investment companies and companies returning to Korea, and to promote investment attraction through deregulation and various incentives (exclusion from application of the Capital Area Development Plan Act, exemption from customs duties for five years, reduction in acquisition tax and property tax, etc.).
In addition, the Ilsan Techno Valley project, which is approximately 260,000 pyeong in size, is currently underway with the goal of completion in 2026, and plans to build a cutting-edge technology industry cluster centered on the bio-medical, media-content convergence industries, which are key industries of the 4th Industrial Revolution.
Goyang City is expected to use this business agreement as an opportunity to spur the attraction of foreign investment companies and emerge as an economic hub city with global competitiveness.
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