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More Firms Showing Interest in Investing in Sejong

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By Na Jeong-ju

Staff Reporter

Prime Minister Chung Un-chan said Wednesday that an increasing number of firms were becoming positive about relocating their offices to Sejong City in South Chungcheong Province.

"Under the initial development plan for Sejong, no firms wanted to invest there. However, they are showing willingness to invest," Chung said during a meeting with a group of economic journalists at the Korea Press Center.

"Some large firms, whose names are familiar with the public, have almost decided to set up offices in Sejong. Others are also showing keen interest in investing there."

The government has virtually dropped the original plan to relocate government offices to Sejong and instead is seeking to make it an industrial, self-sufficient city with a population of 500,000. Opposition parties have vowed to block the amendment.

On Tuesday, Chung met with heads of conglomerates, including Hyundai-Kia Chairman Chung Mong-koo, to solicit their investment in Sejong. No firms have yet officially supported the alternative development plan amid disputes between political parties.

The prime minister plans to hold a series of meetings with business leaders until the administration completes a master plan for Sejong next month.

Sources said the government plans to attract corporate giants, institutes and universities to the envisioned area. It earlier called on lawmakers to revise the special law on Sejong City, enacted in 2005, to secure legal grounds for tax benefits and land development for firms seeking to move there.

Cheong Wa Dae said President Lee Myung-bak would speak to the nation on Nov. 27 to address the social division over the government's amendment plan. He is expected to appeal for people's support.

jj@koreatimes.co.kr