The government has posted two industrial estates of joint ventures Japanese companies set up as ``the zone of foreign investment under which foreign investors are able to get favors in taxes and land lease fees.
The two posted estates are those for Asahi Glass Fine Techno Korea Co. and MCC Logistics Korea Co. The working-level commission on foreign investment approved the two designations at this years sixth meeting presided over by Lee Kye-hyung, deputy commerce, industry and energy minister in charge of trade and investment policies, on Tuesday.
Asahi Glass Fine Techno Korea is a joint venture in which Asahi Glass and Hankuk Electric Glass will invest a total of 310 billion won (150 million) over the next five years at the ratio of 67:33 to produce glass plates for TFT-LCD panels. The factory is under construction within the national industrial complex in Gumi, North Gyeongsang Province.
MCC Logistics Korea is a multinational cargo distribution center in which a large Japanese distributor will manage cargoes bound for Japan and containerize a variety of commodities for transport to Japanese importers.
Kim Chang-ryong, director of the investment policy division of the ministry said, ``These are the first foreign direct investments that the government has attracted in the ation of Korea as the commodity distribution center in Northeast Asia, expressing hope that this would lead a series of foreign investment in commodity distribution.
The two industrial estates will be ally posted as a foreign investment area at the foreign investment commission headed by Finance and Economy Minister Lee Hun-jai to be held later.
The working-level commission also reviewed changing the designation terms of foreign investment estates for the combined complex of images and culture in Cheonan, South Chungcheong Province. It also checked how much foreigners have invested in Korea and which types of foreign investment have been improved.
