BOC Korea and Praxair Korea have been added to the list of Korea’s foreign investment zones (FIZs).
In Youngin, Kyunggi province, BOC Korea and Praxair Korea will produce the gas for semiconductor processing by investing $98.7 billion and $54.1 billion, respectively by 2008.
Foreign investment zones are the selected areas in which foreign-owned businesses are granted incentives such as tax reduction and exemption, free or low lease of industrial sites and customs duties exemption.
The Korean government has recently proposed an easing of the regulations governing FIZs in an effort to encourage more multinational companies to establish regional headquarters in Korea.
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