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1) Economic Structure
The Industrial structure of the Province of Gyeongsangbukdo is comprised of 26.4% of primary sector
(agriculture,
forestry and fishery industries), 18.1% of secondary sector (mining and manufacturing industries)
and 55.5% of third
sector (service industries) in terms of employed population.
GRDP (Gross Regional Domestic Production) is US 60
billion, the 3rd in the nation. (as of the end of 2006) There are
84 leading edge industrial parks and Pohang is well
known for steel processing production site, Gumi for electronic
and semi-conductor production,
and Gyeongsan, Gimcheon, Gumi and Chilgok for textile industry.
2) Export and Import
The total export volume of the Province in 2007 was US 45.3 billion, 12.2% of national total export volume
(US 317.5 billion). Major exported products include electric and electronics, steel metal and textile industries,
which take 42.8% of provincial total export volume. |
| ¤ŭExport Status - US 38,709 million
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| Division |
Electric &
Electronic |
Steel &
Metal |
Textile |
Machinery |
Chemical |
Plastic &
Rubber |
Agri- &
Fishery |
Commodity |
Others |
| Volume |
30,087 |
7,250 |
1,381 |
4.250 |
1.544 |
473 |
111 |
96 |
75 |
National
Share(%) |
22.8 |
22.4 |
10.3 |
3.8 |
3.9 |
5.5 |
2.9 |
3.6 |
6.2 |
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| 1 |
Yeongju - Regional Industrial Complex
Textiles, Assembly Metal |
10 |
Kyungsan - Jain Regional Industrial Complex
Automobile part, Instrument metal, Textile |
| 2 |
Sangju Cheongri - Regional Industrial Complex
Train Equipment |
11 |
Yeongcheon Gapeul - Regional Industrial Complex
Textiles, Automobile part |
| 3 |
Gimcheon - Regional Industrial Complex
Textiles, Paper, Chemistry, Rubber, Plastic, Machinery |
12 |
Weolsung junwon - Industrial Complex |
| 4 |
Gumi - National Industrial Complex
Electricity, Electronics, Machinery, Textiles |
13 |
Kyungju Gunchoen - Regional Industrial Complex
Electronics, Chemistry, Nonmetal steel |
| 5 |
Seongju Welhyang - Regional Industrial Complex
Stone |
14 |
Kyungju sukge - Regional Industrial Complex
Nonmetal Steel, Assembly Metal, Transportation Equipment |
| 6 |
Waegwan - Regional Industrial Complex
Textiles, Assembly Metal, Machinery, Nonmetal |
15 |
Kyungju Oedong - Regional Industrial Complex
Automobile Part, Mechane, Steel |
| 7 |
Goryeong, Gaejin - Regional Industrial Complex
Petroleums, Wood |
16 |
Pochul - Regional Industrial Complex
1st Metal, Assembly Metal, Machinery, Chemical |
| 8 |
Goryeong Dasan - Regional Industrial Complex
1st Metal, Nonmetal Assembly |
17 |
Pohang - Industrial Complex Steel |
| 9 |
Kyungsan Jinrang - Regional Industrial Complex
Car Accessories, Electronics |
18 |
Pohang 4part - Regional Industrial Complex
Metal, Machinery |
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3) Investment Environment
The Province has low price industrial land, rich human resource base for technology and research
(200,000 students from 37 colleges and universities) and equipped with well developed transportation and distribution
system linked to Pohang Port. Especially, the Province attracts various incentives including local taxes reduction,
financial assistance, national and public properties rent reduction and established favorable business environment for
foreign businesses by abolishing various administrative regulations. Actual record of Foreign Investment Attraction
between 2000 and 2005 : 163 cases, US $ 2 billion
4) Support and Incentives
¤ŭTax Breaks
- Eligibility : High-tech business, industry-supporting services, businesses locating in the Foreign Investment Zone
- Corporate / Income Tax : Exemption for 5 years and 50% reduction afterwards for 2 years
- Acquisition & Registration Tax : Exemption for 15 years
- Customs Duty / Special Excise Tax / Value-added Tax : Exemption for capital goods Rental Reduction
- National or local properties : 50-100% reduction for companies investing over US $ 5 million
- Gumi Industrial Complex-based FLZ
/ Rental : US $ 0.9/ /year
/ Duration : 50 years (renewable)
/ Rental Exemption : Hi-tech business investing over US $ 1 million
¤ŭGrants and Start-up Aids
- Cash Grants : High-tech business investing over US $ 10 million or R&D center investing over US $ 5 million with
over 20 researchers
- Employment & Training Aids - For business employing over 20 new regular workers
- Amount : Maximum US $ 1,000/person/month/grant
- Duration : 6 months
¤ŭR&D Incentives
- Up to 80% of employment subsidy per researcher for 2 years and 50 % for the following 3 years.
- Up to 50% of employment and stay subsidy for overseas xcresearchers.
(The above incentives are subject to prior review and permission of the central government.)
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