The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Scientists find green way to turn CO2 into fuel with sunlight

  • 3

    BLACKPINK's contract renewal still in limbo

  • 5

    Xi says he will seriously consider visit to South Korea: official

  • 7

    Family of 5 found dead in 3 separate locations

  • 9

    INTERVIEWVirtual K-pop group MAVE: is more than just pretty pixels

  • 11

    Korea boosts subsidies to rev up falling EV sales

  • 13

    Lawmakers want to grill business tycoons over decision to rejoin FKI

  • 15

    All-Korean showdowns set up on 1st day of medal race

  • 17

    Hebrew University students travel to Korea to explore musical landscape

  • 19

    Yoon signs off on plan to waive expressway tolls during Chuseok holiday

  • 2

    N. Korea holds politburo meeting to discuss Kim-Putin summit: KCNA

  • 4

    BTS member Suga begins mandatory military service

  • 6

    Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors

  • 8

    Opposition party in turmoil as leader could be arrested on Tuesday

  • 10

    Foreign employees rewarded for contribution to Korea's shipbuilding industry

  • 12

    Russia lodges protest to S.Korean envoy over Yoon's UN speech

  • 14

    Disney+ aims to expand investment in original Korean content

  • 16

    Arrest warrant hearing for DPK leader Lee to be held Tuesday

  • 18

    Appellate court upholds 9-yr prison term for man over filming, distributing sexual videos featuring women

  • 20

    Gov't reviews changing description of Fukushima wastewater

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sun, September 24, 2023 | 17:24
Policies
Foodpolis sets up foreign investment zone
Posted : 2017-08-07 16:24
Updated : 2017-08-07 17:46
Lee Hyo-sik
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Lee Hyo-sik

The government has designated part of the Korea National Food Cluster, or Foodpolis, as a foreign investment zone (FIZ), making it easier for the cluster to attract global food firms seeking to set up a base in Northeast Asia.

Under the relevant law, foreign companies can enjoy favorable land leases and tax breaks in the FIZ, and are entitled to a range of administrative and other state support.

About 116,000 square meters of Foodpolis had already been designated as an FIZ but the Ministry of Agriculture, Food and Rural Affairs, which administers the cluster, wants to expand it to 450,000 square meters to attract more non-Korean food firms.

Foreign businesses, which build manufacturing facilities in Foodpolis, can lease land for up to 50 years by paying 1 percent of the site's value annually. They are also required to make a one-time deposit equivalent to 5 percent of the land value.

This means companies pay 1,547 won ($1.36) in rent per square meter each year and make a 7,745 won one-time deposit for one square meter of land.

"The FIZ is regarded as an additional incentive for foreign food firms to come and set up a plant in Foodpolis," an agency official said. "So far only two foreign companies have signed contracts to build plants and other facilities here. But the number will increase sharply by the end of the year."

Gold of Prague has decided to build a brewery on a 16,500 square-meter site inside the cluster to export beer to China and other Asian countries.

CoreBio, a joint venture between Korean and U.S. companies will construct a plant on a 23,140 square-meter parcel of land to produce fermented beverages.

In addition, 34 Korean food firms have also signed contracts to set up a presence in Foodpolis, 10 of which have already begun construction. The cluster wants to increase the number to 80 by the end of the year.

"We have held road shows in Canada, Hong Kong, China, Japan, Germany and other countries over the past year to inform foreign food firms about Foodpolis and the benefits of building a plant in the cluster," the official said. "We have also taken part in global food fairs to interact with manufacturers and research institutes, encouraging them to locate to Foodpolis, which will soon become a food research and manufacturing hub in Asia."

The government is investing 452 billion won to build the food industry complex on a 2.32 square-kilometer site in Iksan, North Jeolla Province, for both Korean and international companies aiming to export value-added, processed foods.

Foodpolis is projected to generate annual output worth $14 billion and create 22,000 new jobs by 2020 if it houses over 150 businesses and 10 research centers.

Emailleehs@ktimes.com Article ListMore articles by this reporter
 
miguel
Top 10 Stories
1Understanding Korean Modernization Understanding Korean Modernization
2Bears of Joseon part 1: Fanciful tales and deadly claws Bears of Joseon part 1: Fanciful tales and deadly claws
3Exhibition for soldiers highlights North Korea's human rights abuses Exhibition for soldiers highlights North Korea's human rights abuses
4Sil-A overcomes stage fright, and them some Sil-A overcomes stage fright, and them some
5Korea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperation Korea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperation
6Bears of Joseon part 2: Behind bars Bears of Joseon part 2: Behind bars
7JTI Korea joins Jongno clean-up JTI Korea joins Jongno clean-up
8Mirae Asset Global Investments' AUM reaches 293 tril. won Mirae Asset Global Investments' AUM reaches 293 tril. won
9CKD Kochon Foundation awards Ukraine health authorities for treating tuberculosis patients amid raging war CKD Kochon Foundation awards Ukraine health authorities for treating tuberculosis patients amid raging war
10Sangha Farm offers agricultural experience programs in Gochang Sangha Farm offers agricultural experience programs in Gochang
Top 5 Entertainment News
1TEMPEST gears up to showcase fiery passion TEMPEST gears up to showcase fiery passion
2BLACKPINK's contract renewal still in limbo BLACKPINK's contract renewal still in limbo
3[INTERVIEW] Virtual K-pop group MAVE: is more than just pretty pixels INTERVIEWVirtual K-pop group MAVE: is more than just pretty pixels
4Hebrew University students travel to Korea to explore musical landscape Hebrew University students travel to Korea to explore musical landscape
5[INTERVIEW] Seoul's increased art market momentum brings Sotheby's back to Korea INTERVIEWSeoul's increased art market momentum brings Sotheby's back to Korea
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group