Chungcheong region's 202 trillion won investment plan to receive full administrative support — tailored, end-to-end assistance system for businesses
A bold and swift support system is being put in place for advanced-industry companies participating in the Chungcheong region's 202 trillion won ($136 billion) investment plan.
South Chungcheong Province launched the "South Chungcheong Advanced Strategic Industry Leap Task Force" on Friday, convening its inaugural meeting to discuss the direction of a comprehensive investment support plan and sector-specific assistance measures.
The task force's formation follows a directive issued by Gov. Park Soo-hyun at a senior officials' meeting on July 14, in which he called for the establishment of a comprehensive support plan and a dedicated organization to ensure the systematic implementation of the Chungcheong region's advanced-industry investment plans.
Operating directly under the deputy governor for administrative affairs, the task force brings together 14 provincial departments, three cities and counties, investing companies including Samsung Electronics, Samsung Display, Samsung SDI and SK Telecom, and related institutions such as Korea Electric Power Corporation, Korea Water Resources Corporation, Hoseo University and the Korea Industrial Complex Corporation.
As the central hub for end-to-end corporate investment support, the task force will pursue five areas of work: corporate cooperation, licensing support, infrastructure development, workforce support and fiscal support.
The province plans to designate dedicated civil servant project managers for each company and operate emergency communication hotlines to resolve corporate difficulties quickly, while building a fast-track licensing system to minimize opportunity costs for businesses.
The province also intends to establish a comprehensive support framework covering all aspects of investment — including power and water supply through rapid administration, transportation network expansion, training of specialized talent for advanced industries, and investment subsidies and tax incentives — with electricity, water and workforce development at its core.
Participants broadly discussed anticipated challenges in the investment process, potential solutions and ways to strengthen inter-agency cooperation, and agreed to collaborate closely for swift implementation of investment plans. The province plans to review and incorporate the outcomes of Friday's discussions before announcing its comprehensive South Chungcheong advanced-industry investment support plan on July 30.
The province also plans to actively participate in the Ministry of Trade, Industry and Energy's "Chungcheong Region Advanced Strategic Industry Leap Task Force," which launches July 30, to ensure that the provincial support plan is reflected in the broader regional support framework, with quarterly meetings to continuously monitor corporate investment progress and key issues.
Deputy Governor Hong said the province would "do its utmost to provide administrative support so that companies can carry out their planned investments on schedule," adding that it would "work to build a bold and swift support system that companies can truly feel, so that our province can emerge as the hub of South Korea's advanced strategic industries."
kwonhl@heraldcorp.com
