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[Gangwon-do]Wonju Munmak「Mini Foreign Investment Zone」

Wonju-si, Gangwon-do

  • Area : 867.3㎢ (1.43 times that of Seoul)
  • Population : 326,000 (130,000 households)
  • GRDP (2011) : KRW 5.551 Trillion *18.4% of Gangwon-do's total GRDP (KRW 30 trillion)
  • Regional characteristics : Geographical centerpiece connecting the western and eastern parts of Korea and hub of inland transportation
    ※ Only 40 minutes away from Seoul, Wonju is one of the best cities for business due to its close proximity to the Capital Area
  • Transportation network :
    • 2nd Youngdong Highway (to be completed in 2016), double-track railroad connecting Wonju and Gangreung (1hr away, to be completed in 2016)
    • Double-track railroad (Joongang Line) connecting Cheongrangri and Wonju (completed in 2012,) Wonju Airport

Project Overview

A Mini foreign investment zone has been designated among various national or regional industrial complexes in development in order to attract foreign-invested enterprises by offering competitive rents and tax incentives.
※ Article 18 of Foreign Investment Promotion Act.

Complex Overview

  • Location : Bangye-ri, Munmak-eup, Wonju-si, Gangwon-do
  • Area : 99,132.3㎡ (within Bangye General Industrial Complex, Munmak, Wonju)
  • Business Types of Tenants : Medical device, auto parts, machinery, metallurgical, electronic/electricity, food, etc.
  • Qualification requirement for tenants : A company entirely owned by a foreigner or wherein the share ratio of foreign shareholder(s) is 30% or more, with the total amount of capital investment made by foreign investor(s) at least KRW 100,000,000 or more
  • Rental fee : Temporarily set to KRW 10,000/3.3㎡ per year
    ※ Investment of USD 1 mil. or more in a business that involves high technology: 100% exemption from rents
  • Organized by : Governor of Gangwon-do (entrusted to Korea Industrial Complex Corporation)

Layout and Incentive

You can check the table by moving it from side to side.
(Touch to close the information window and use it.)
Item Rental fee discount and tax incentives
Rental Fee Temporarily set to KRW 10,000/3.3㎡ per year
Requirements for discounts
  • High technology business & USD 1 mil. or more invested: 100% exemption
  • General manufacturing & USD 5 mil. or more invested: 75% exemption
Tax incentive
  • ① Invested more than USD 10 mil. for manufacturing and 5 mil. for logistics business
    • Corporate tax : Tax exemption for 5 years (100% for 3 years, 50% for 2 years)
    • Regional tax : Acquisition tax: 100% exemption for 15 years Property tax
    • tax exemption for 10 years (100% for 7 years, 50% for 3 years)
  • ② Businesses that qualify for ① shall have their customs duties waived for 5 years.

Advantages for Investment

  • The manufacturing industry in Wonju has been growing rapidly by 8.5% per annum on the average.
  • Wonju has been designated as a Enterprise City(5,290,000㎡) and an Innovation City (3,612,000㎡) in Gangwon-do at the same time.
  • Wonju's medical device cluster development project has become an epitome for local industrial development programs in Korea.
    • Dongwha Exclusive Medical Device Complex, Wonju General Medical Device Support Center, Medical Engineering Dept., Yonsei Univ.
  • Development of Wonju National Industrial Complex in progress, with the theme of combining medical devices and auto parts industries.

Key Indices and Business Infrastructure

  • The no. of medical device businesses in Gangwon-do (2012) accounts for 5% of the entire industry in Korea, constituting 21% of national production output and 24% of national export value.
    * Average production and export performance per company are KRW 5.1 billion and 8 billion, respectively, which is 3 times the national average.
  • 6 industrial complexes in the city (2,305,000㎡)
  • Largest auto parts industry base in Gangwon-do (25 companies, 2,700 employees)
  • 3 graduate schools, 4 universities, 2 colleges, and 15 high schools
    • Top special high schools in country, including Medical Device Meister High Schools and Gangwon Science High School
    • Call Manager Management Dept. opened in 2012 in Sangji Youngseo University and Wonju Politech III

Wonju's Industrial Infrastructure

Investment Contacts

  • Gangwondo Global Business Department : T.+82-33-249-2082
  • Wonju City Business Support Team : T.+82-33-737-2991
  • Wonju Branch, Gangwon Regional HQ, Korea Industrial Complex Corporation : T.+82-070-8895-7652