1. travel
2. tourist destinations
3. japan

WIEF
PYEONGCHANG
ROUNDTABLE 2014
“Glocalising Korea”
GANGWON, REPUBLIC OF KOREA | 15-16 DECEMBER 2014
ALPENSIA CONVENTION CENTRE
The WIEF Pyeongchang
Roundtable 2014 will be held
in Gangwon, Republic of Korea
on 15-16 December 2014.
The Roundtable, dubbed the
“Conference in the Snow”,
will be held at the Alpensia
Resort Convention Centre in
Pyeongchang, the venue of the
Winter Olympics in 2018.
2
Organised by the World Islamic
Economic Forum (WIEF)
Foundation, in collaboration
with the Gangwon Provincial
Government, the Roundtable is a
gathering of international investors
and business leaders from various
countries interested in exploring
the opportunities in Gangwon in
the areas of banking and finance,
halal food industry, property and
infrastructure. WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
The 2-day Roundtable programme
consists of 3 thematic discussion
sessions on Finance, Tourism
and the Property sectors,
guided matchmaking sessions
to maximise networking amongst
delegates and site visits.
3
4
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
Contents
06
Programme
08
Fast Facts:
Republic of
Korea
10
Why
Gangwon
26
About the
Organisers
11 Geography
12 Business and Trade
20 Korean Financial Market
22 Tourism
24 Halal
27 WIEF Foundation
28 Gangwon Provincial
Government
30
Other
Information
31 The Roundtable Series
32 Venue & Hotels
34 Useful Contacts
5
WIEF
PYEONGCHANG
ROUNDTABLE 2014
“Glocalising Korea”
GANGWON, REPUBLIC OF KOREA | 15-16 DECEMBER 2014
ALPENSIA CONVENTION CENTRE
PROGRAMME
Monday, 15 December 2014
8.00am – 9.30am
Breakfast
9.30am – 10.10am
Venue: Main Hall
Opening Reception & Toast
10.10am – 11.25am
Venue: Main Hall
Challenges and Opportunities of Financial Cooperation amongst Regions
• East Asia’s macroeconomic landscape & fundamentals of Korean Financial Policy
• Strengthening Korea’s competitive edge in global finance
• The growth of the Islamic Finance industry and prospects for globalisation
• Measures to establish a financial cooperation system between East Asia & the Middle
East to promote inter-regional trade and investments
Venue: Networking Lounge
Delegates Matchmaking Space
6
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
11.25am – 12.00pm
Guided Networking Break & Ice Breakers
12.00pm – 1.00pm
Venue: Main Hall
Tourism and Korea’s food industry: Capturing the Muslim market
• The features of the global halal industry and its prospects
• Halal potential of Gangwon’s food industry – increasing tourism and Halal exports
• Yangyang airport and Gangwon’s tourism potential
Venue: VIP Room
VIP Closed Door Session
Venue: Networking Lounge
Delegates Matchmaking Space
1.00pm – 2.00pm
Lunch
2.00pm – 2.20pm
Light performance (Korea classical chamber music performance)
2.20pm – 3.20pm
Venue: Main Hall
Investment opportunities in Gangwon’s property sector
• Highlight of Gangwon’s major development projects & investment incentives
• Possibilities of alternative investment products for project financing
• Islamic finance’s pivotal role in property investment
Venue: Networking Lounge
Delegates Matchmaking Space
3.20pm – 5.20pm
Tour of Alpensia
5.20pm – 6.00pm
Korean traditional performance
(Korean traditional ballet/traditional orchestra)
6.00pm – 8.00pm
Dinner
Tuesday, 16 December 2014
8.30am – 10.00am
Business Networking Breakfast (for 3 clusters)
BNB is developed to encourage greater business networking opportunities for the
Roundtable participants. The BNB brings together individuals of the same industry to get to
know each other in an informal setting and resume discussion on business opportunities.
10.00am – 3.00pm
1st Option (Ski Experience in Alpensia Resort)
Meeting point at Alpensia Resort
2nd Option (EFEZ Tour & Korean Tea Ceremony “Dado”)
Bus departs to Donghae
7
Fast Facts: Republic of Korea
Republic of
Korea is the
world’s seventh
largest exporter.
Republic of Korea is a country of 50
million people with a total land area
of 100, 210 km2. Republic of Korea
is a developed country ranked 15th
in the Human Development Index,
the highest in East Asia. In terms of
average wage, it has Asia’s highest
income and the world’s 10th highest
income. It ranks highly in education,
quality of healthcare, rule of law,
ease of doing business, government
transparency, job security, tolerance
and inclusion. 64% of 25-34 year
old Koreans hold a tertiary education
8
degree, the highest in the OECD.
The most innovative country as
measured by the Bloomberg
Innovation Quotient, Republic of
Korea is the world’s seventh largest
exporter, driven by high-tech
multinationals such as Samsung,
Hyundai-Kia and LG. Republic
of Korea has global leadership in
advanced technology such as the
world’s fastest Internet connection
speed, ranking first in the ICT
Development Index, e-Government,
4G LTE penetration and second in
smartphone penetration.
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
Alpensia Resort, Pyeongchang,
the venue of the Winter Olympics in 2018.
9
Why
Gangwon
Geography
Business and Trade
Korean Financial Market
Tourism
Halal
10
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
e’s
u Lin
ukb ion
e B ruct
gha onst
Donroad c
rail
Why Gangwon: Geography
Sokcho
Beach resort
Cheolwon
Chuncheon High-tech City’s
Cultural Industry Complex
Chuncheon
Chuncheon Lego Land Korea
in
ut
es
40
Yongsan
Incheon International Airport
Ex
South Chuncheon’s
General Industry Complex
Chuncheon
Bio-Industry Cluster
East Chuncheon’s
General Industry Complex
Gangneung Science &
Industry Complex
Donghae
Donghae
Gangneung
Gangneung Gujeong Zero-Carbon City Zone (EFEZ)
Gangneung Okgye Industrial Complex
for high-tech materials (EFEZ)
Jun
ga
Jun
gan
g Lin
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oub
le T
New
rack
Yeo
Train
ngd
ong
Exp
ress
way
2
Gangneung Okgye
Gangneung Okgye
Nonferrous
Nonferrous Specialized
Zone
Specialized
Zone
ay
ssw
Donghae
Port
Donghae
Port’s
pre
Ex
International
International
g
n
ay
Mangsang Flora City Zone (EFEZ)
Ferry
Terminal
of Donghae
do
Ferry
Terminal
nt Railw
ng
e
o
m g
Ye
lish eun
Hoengseong
t ab gn
Donghae Bukpyeong ICI Zone (EFEZ)
Es an
w ju-G
e
N on
Hoengseong Wucheon’s
inutes Donghae Songjeong General Industry Complex
W
r 30 m
General Industry Complex
Donghae
General Industry Complex
Wonju International Airport
1 hou
Pyeongchang
Wonju Enterprise City
Wonju Innovation City
Wonju
Wonju Mukmak Bangye’s
General Industry Complex
Yeongwol
Donghae Bukpyeong Industry Complex
Donghae Free Trade Zone Samch
Samcheok
Jungseon
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essway
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Yanggu
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Metr
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ailwa
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tens
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sw
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Sokcho
Sokcho Beach resort
d
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Sokcho Port’s
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International
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Ferry Terminal
p
S
o
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Yangyang
Yangyang
Higheon sed
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s
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Yangyang
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Yangyang International Airport
D
International Airport
Taekbaek
WHY GANGWON
Gangwon is a province in the Republic of
Korea, bounded on the west by Gyeonggi
province, on the south by the provinces
of Chungcheongbuk and Gyeongsangbuk.
To the north lies the province’s North
Korean counterpart, Kangwon province.
The province’s landscape is dominated by
the Taebaek Mountains (Taebaek Sanmaek)
which almost reach the sea. To the east is
the open “Donghae”, the East Sea, making
Gangwon an important strategic gateway
for Republic of Korea’s trade with some of
the biggest trading nations in the world.
AREA & LOCATION
16,874 km2
WEATHER
AVERAGE ANNUAL
TEMPERATURE
2ND LARGEST PROVINCE IN
REPUBLIC OF KOREA
11CO-13.5CO
CENTRAL
PART OF
KOREAN
PENINSULAR
GANGWON
EXPERIENCES SNOW,
AS EARLY AS ONE
MONTH EARLIER
THAN ALL OTHER
PROVINCES IN THE
REPUBLIC OF KOREA.
CLOSE TO SEOUL, WITHIN
1~2 HOURS ACCESS
50 CITIES OF MORE
THAN 1 MILLION
POPULATION WITHIN
1.5 HOUR FLIGHT
DISTANCE
POPULATION
1,551,531
3.2% OF REPUBLIC OF
KOREA’S POPULATION
11
Why Gangwon: Business and Trade
Yangyang's Airline Routes
RUSSIA
HEILONGJIANG
Qiqihar
Harbin
Vladivostok
JILIN
Changchun
XINJIANG WEIWUER
Shenyang
LIAONING
Beijing
Hohhot
GANSUSHENG
HEBEI
NEIMENGGU
Tianjin
Shijia
zhuang
SHANXI
QINGHAI
Yangyang
International
Airport
Dalian
Taiyuan
NINGXIA
Yanji
Gimpo
SHANDONG
Yinchuan
Wonju
Jinan
Xian
Zhengzhou
Gwangju
JIANGSU
SHAANXI
HENAN
Shanghai
Jeju
Nanjing
XIZANG
Chengdu
ANHUI
HUBEI
SICHUAN
Gimhae
Hangzhou
Nanchang
Chongqing
ZHEJIANG
JIANGXI
HUNAN
GUIZHOU
Guiyang
Quanzhou
FUJIAN
Xiamen
YUNNAN
GUANGXI ZHUANGZU
Guangzhou
Nanning
Shenzhen
TAIWAN
GUANGDONG
HAINAN
Gangwon is also home to some of Republic of Korea’s biggest industrial districts,
designated for a variety of key industries such as biotech, food manufacturing,
chemical substances and chemical product manufacturing, tourism, automotive and
medical devices and many more. These industrial districts are located in Chuncheon,
Wonju, Donghae- Gangneung and the East Sea Free Economic Zone (EFEZ).
Gangwon also offers great investment incentives to attract international and regional
corporations to start business in Republic of Korea.
By land, Gangwon is connected to all of Republic of Korea’s provinces, through
a sophisticated network of high-speed trains and highways. By air, Gangwon’s
Yangyang Airport serves 24 destinations and 4 airlines worldwide, including Russia
and China with a huge potential to grow into a truly global airline hub.
12
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
Legend
Flights in service
Flights in schedule
Why Gangwon: Business and Trade
Gangwon’s industrial belts
Goseong-gun
Goseong-gun
Yanggu-gun
Cheorwon-gun
Hwacheon-gun
Inje-gun
Hwacheon-gun
Yangyang-gun
Chuncheon-si
Yanggu-gun
Cheorwon-gun
Sokcho-si
Inje-gun
Yangyang-gun
Chuncheon-si
Gangneung-si
Gangneung-si
Hongcheon-gun
Hongcheon-gun
Donghae-si
Hoengseong-gun
Sokcho-si
Pyeongchang
-gun
Jeongseon-gun
Donghae-si
Hoengseong-gun
Pyeongchang
-gun
Jeongseon-gun
Samcheok-si
Samcheok-si
Wonju-si
Wonju-si
Yeongwol-gun
Yeongwol-gun
Taebaek-si
Taebaek-si
Bio Belt
Medical Device Belt
• Biotechnology: Gangwon is developing bio-industrial
belt in several regions such as Chuncheon, Hongcheon,
Hoengseong, Pyeongchang, Hwacheon, Inje, and Yanggu
in order to specialize in natural pharmaceutical/functional
materials.
• Marine: Gangeung is building Northeast Asia’s marine bio belt
as well as in other cities, such as Sokcho, Goseong, and
Yangyang to develop the maritime/fishery resources.
• Medical device belt in Wonju, Hongcheon, and Hoengseong.
• International infrastructure and R&D capacity for medical
device industry.
• Local/international networks for the foundation of medical
device clusters.
• World-class medical devices to complete the innovation
cluster.
Goseong-gun
Yanggu-gun
Cheorwon-gun
Hwacheon-gun
Goseong-gun
Sokcho-si
Inje-gun
Hwacheon-gun
Yangyang-gun
Chuncheon-si
Yanggu-gun
Cheorwon-gun
Gangneung-si
Sokcho-si
Inje-gun
Yangyang-gun
Chuncheon-si
Hongcheon-gun
Gangneung-si
Hongcheon-gun
Pyeongchang
-gun
Hoengseong-gun
Donghae-si
Donghae-si
Hoengseong-gun
Jeongseon-gun
Pyeongchang
-gun
Jeongseon-gun
Samcheok-si
Wonju-si
Samcheok-si
Wonju-si
Yeongwol-gun
Yeongwol-gun
Taebaek-si
Taebaek-si
New Medical Belt
ICT Belt
• New material belt: Gangneung, Donghae,
Samcheok,Taebaek, Cheorwon, Yeongwol, Jeongseon.
• Gangwon Region’s New Nano Material technology
Convergence Cluster: Gangneung, Cheorwon, Samcheok,
Taebaek, Yeongwol.
• R&DB of new convergence material belt with Yeongye
City’s endowed resources, such as non-ferrous metal,
convergence materials, green materials, and plasma.
• New material belt for developing globally competitive
technology and establishing independent economy.
• ICT belt for convergence with the existing strategic industries
and IT industry.
• Accomplishments of Wonju Medical Devices (H/W, S/W)
and smart Medical Device System, Gangneung’s Wireless
Communications Technology, Chuncheon’s Animation, and
Taebaek’s Game Industries.
13
Gangwon is a clean and beautiful place emerging as an economic
center in the East Asia, where human and nature co-exist. Core
infrastructure such as systematic expressways, railroads and ports
perfectly connect Gangwon with Seoul metropolitan regions and the
whole nation.
It is an optimum place for investments as
it has a strong industry-academic linkage
with close connections with Chinese,
Russian and Japanese markets.
14
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
Why Gangwon: Business and Trade
Gangwon’s key industries
Service 68%
Construction 9%
Electricity/
gas/water 3%
Mining and
manufacture 14%
Agriculture/
forestry/fishing
industry 6%
Gangwon’s Industrial
Structure
Amount of export by item (As of 2013)
Amount of export by Country (As of 2013)
etc 20%
Lens of Eyeglasses 1%
etc 32%
Seafood 2%
Machinery 2%
Medicine 2%
Testing Machine Parts 2%
Germany 2%
Peru 3%
Bangladesh 2%
Iran 4%
Beverage 5%
Ferro Alloy 15%
Brazil 3%
India 5%
Russia 7%
Cement
15%
China 11%
Medical
16%
Japan 14%
Auto Parts 19%
Gangwon’s export items are automotive parts, steel alloy,
medical electronics, cement, and alcohol. Automotive
parts and steel alloy are FTA beneficiary items of the
Korea-U.S FTA, and these items are expected to sustain
mid/long-term growth.
USA 17%
Gangwon’s export destinations are Japan, U.S., China,
Russia, and India. Japan is the major importer of steel
alloy and the U.S. is the major importer of automotive
parts and medical electronics.
15
Successful investment conditions in Gangwon
The optimum investment environment
Providing a perfect service for investors and businesspeople who wish to establish operations and invest in
Gangwon.
Convenient
transportation
infrastructure
Convenient transportation
network that connects to
metropolitan regions within 40
minutes distance.
Attractive
land site price
Clean and
Natural
Environment
Rapid
increase
of investment
popularity
Provides site with 1/10th
standard of metropolitan regions.
(Within 100,000 Won per 1m2)
Clean life environment
that meets the standard of
developed nations
• From domestic and overseas
investments recently
• The best incentives nationwide
Expansion/Extension of Expressways
Systematic highspeed transportation
network
Core infrastructure such
as expressways, railroads
and ports perfectly
connect the metropolitan
regions and the nation,
and prides in outstanding
accessibility that
connects to major cities
in Northeast Asia within 2
hours distance by plane.
• Dangseo Expressway (Seoul-Yangyang) Under Construction: Partial
Opening of Seoul-East Hongcheon, East Hongcheon, Yangyang by 2015
• Yeongdong Expressway 1 (Gangneung-Wonju)
• Yeongdong Expressway 2 (Wonju-Seoul) Construction by 2016
• Donghae Expressway (Samcheok-Sokcho) Construction by 2015
Expansion of Railway Network
• ITX Cheongchun Train (Seoul-Chuncheon)
• Gyeongchun Line Double Track Train (Seoul-Chuncheon)
• Jungang Line Double Track Train (Deokso-Wonju)
• Wonju-Gangneung High-speed Double Track Train by 2017 (KTX operated)
• Donghae Jungbu Railway (Pohang-Samcheok) by 2016 (Partially opened)
Expansion/Extension of National Highway
• National Highway 5 (Wonju-Cheolwon)
• National Highway 7 (Samcheok-Goseong)
• National Highway 31 (Yeongwol-Yanngu)
• National Highway 38 (Seosan-Donghae)
• National Highway 42 (Incheon-Donghae)
Flight
• Yangyang International Airport (Harbin, Shanghai, Dalian, Jinan,
Hohhot, Hefei, Gimhae, Gwangju, Gimpo)
• Wonju Airport (Jeju)
Port
• Donghae Port: Container line
(Donghae ~ Vostochny). DBS Cruz line (Sakaimiato ~ Donghae ~ Vladivostok)
• Sokcho Port: Batdusan line
(Sokcho ~ Zarubino . Hunchun. Sokcho ~ Vladivostok)
16
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
Why Gangwon: Business and Trade
Ideal business infrastructure
Gangwon is not only equipped with convenient residential environment such as various finances, education, leisure,
shopping cultural facilities and so on, but is also equipped with optimal business environment including sufficient human
resources and perfect social infrastructural facilities.
Excellent Human
Resources
Pleasant Leisure
Environments
Various Industrial
Complexes
• 21 universities
• 31 university affiliated
research facilities
• 117 high schools
• 163 middle schools
• 52 golf courses
• 9 ski resorts
• 94 beaches
• 2 casinos
• 1 National Industrial
Complexes
• 33 Provincial Industrial
Complexes
• 42 Agriculture-industrial
Complexes
Accommodation
Facilities of International
Standards
• 47 hotels
• 61 condominiums
• 6 hot springs
Synergy effect of distinguished corporate who have already invested
•Top ranking domestic and foreign manufacturing companies have created a successful business foundation.
•With a One-stop service, from administrative support to fostering human resources, investments can be made
conveniently, assisting you actively to realise your business aspirations.
Chuncheon District
Wonju District
Donghae-Gangneung
District
Others
17
Investment incentives in Gangwon
Various incentives on tax reduction and employment – training subsidy and so on are provided.
Tax Reduction
Reduction Condition
Reduction Period
A. Industry support service and advanced technology accompanied business
(foreigner investment corporate installing plant facilities and so on)
Advance Technology Accompanied Business
• Technology with outstanding technical performances within 3 years or when exceeding 3
years
• The process requiring the technology is mainly taking place in Korea
Total 7 years
(5 years : 100%,
2 years : 50%)
B. Development-type Foreigner Investment Zone (IFIZ) Corporate
(In case a plant facility is newly installed)
Foreign Investment
Amount
Item
Basic Reduction
Conditions
1
Manufacturing Field
More than 30 million dollars
2
Tourism hotel, total professional
recreational, total amusement
facility, international conference
room, Korean traditional hotel
More than 20 million dollars
3
Logistics (distribution) business,
social indirect capital facility
More than 10 million dollars
4
R&D Business
More than 2 million won
Foreigner Investment Company
with more than 2 people
More than 30 million won
5
C. Corporate within
complex-type
Foreigner Investment
Region
Manufacturing
More than 10 million won
Logistic
More than 5 million won
Reduction Contents
Initialisation Date
Corporate Tax,
Income Tax,
Dividend Income
Tax
• A and B: 100% for 5 years,
next 2 years 50%
• C:100% for 3 years,
50% for the next 2 years
Fast tax years among
the following
• First income occurrence
• Tax years which belong
to the day marking the 5
years from the company
commencement date
Acquisition Tax
• A, B and C: Exemption for 15
years from the commence date of
the business
Business Commencement
Date (For acquisition before
commencement date:
Acquisition date)
When important
capital goods,
customs, special
consumption tax,
value added tax
18
• A and B: Exemption for customs,
special consumption tax, value
added tax
• C: Exemption for only customers
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
Employment
Size
Total 7 years
(5 years : 100%,
2 years : 50%)
More than 10
Masters graduates
Total 5 years
(3 years : 100%,
2 years : 50%)
Reduction
Application
Apply to the Minister
of Trade, Industry
and Energy until
the completion
date of tax year (For
increment, 2 years
from the increment
declaration date
belonging to
the corporate
commencement
date)
When declaring
import, apply to
Heads of Customs
-
Reference
Among the income
incurred from the
reduction subject
business, deduct as
much as the foreigner
investment ratio
Exemption decision
must be obtained
before the asset
acquisition
Directly used for
exemption business,
import declaration
must be completed
within 3 years from the
investment declaration
date
Why Gangwon: Business and Trade
National - Public Land Rental Fee Reduction
Item
Support Contents
Subject Asset
Independent-type foreign investment region, national asset within industrial complex, public asset possession of
Gangwon (Building, Land etc)
Rental Period
Within 50 years range (Possible to extend rental period within 50 years range)
Rental Fees
More than 10/1,000 of land price
Reduction Standard
& Reduction Rate
In case the foreigner investment rate is above 30% or if the foreigner is the first shareholder
• 100% reduction: Foreign investment business within independent foreigner investment region, business accompanied
by advance technology of more than 1 million dollars within the complex-type foreigner investment region/business
support service industry
• 75% Reduction: Manufacturing industry of more than 5 million dollars of investment amount within the complex-type
foreigner investment region, business which contributes to SOC expansion, Industrial structure adjustment, provincial
financial independence
• 50% Reduction: Manufacturing industry more than 5 million dollars of investment amount within the industrial complex
*Businesses within the industrial complex are high-technology business with investments of more than 1 million
dollars/Even for industrial supporting service, only 50% is reduced.
Support for National – Public Property Purchase
Item
Support Contents
National – Public
asset within
industrial complex,
agricultural complex,
apartment-type plant
• Support to enable purchase of national, public asset within industrial complex in creation cost price
• In case the lump sum payment of purchasing amount is deemed to be difficult, installment payment is possible
• National Asset: 20 years installation payment, 4% interest applied
• Public Asset: 20 years installation payment, 3% interest applied
Support for Employment Subsidy and Education and Training Subsidy
Item
Employment Subsidy
Education and Training Subsidy
Support Subject
Corporate that exceeds 20 newly employed full time
employees after registering as foreign investment
corporate
Corporate that exceeds 20 newly employed full time
employees after registering as foreign investment corporate
Standard Employee
Numbers
In case the foreigner investment corporate exceed
20 employees and employs newly employed people,
subsidy is given to the number of exceeding people
In case education and training is conducted on newly
employed by the foreign investment corporate employing
more than 20 people, subsidy is given to the entire number of
people taking education and training
Subsidy Amount
Support for 6 months within the range of 1 million Won
monthly per person
Support for 6 months within the range of 1 million Won
monthly per person
Payment Period
Up to 5 years after registration of foreigner investment
corporate
Up to 5 years after registration of foreigner investment
corporate
Cash Support
Item
Support Contents
Support Subject
• Greenfield-type investment of more than 30% of foreigner investment ratio (New, Expansion of Plant)
• Industry supporting service industry of more than 10 million dollars of investment amount, business accompanied by
advanced technology, spare part material industry
• Industry supporting service/R&D field accompanied by advanced technology (More than 10 full time employees of
research manpower)
Standard Size
Support more than 5% the foreigner investment amount
Payment Content
Legal Usage Purpose: Employment & training and education subsidy, land purchase – rental fees, construction cost,
installation cost of foundation facilities, purchasing cost of capital goods and research materials
Others
Item
Support Contents
Immigration Policy
Incentive
For investors with total investment of more than 500 million won including Alpensia Resort’s condos and villas,
and residing in Korea for more than 5 years, they will be given a Green Card (permanent resident status). This
applies to foreign investors, their spouse and children, their company’s shareholders and board members.
19
Why Gangwon: Korean Financial Market
With huge capital investments into Republic of Korea in the next decade, there is a vast potential in the
banking and finance industry to cater for the surge in demand for capital and financial services. Republic
of Korea has a burgeoning financial sector, boasting a liberal financial outlook and conducive policies to
attract international and regional financial players to establish its operations in Republic of Korea.
FINANCIAL INSITUTIONS
57
Total
(As of June 2013)
52 Commercial Banks
BANKS
NON-BANKS
FINANCIAL
INSTITUTIONS
91 949
CREDIT UNION
MUTUAL SAVING
BANKS
24
LIFE INSURANCE
COMPANIES
INSURANCE
COMPANIES
31
NONLIFE
INSURANCE
COMPANIES
16 PROPERTY & LIABILITY INSURANCE COMPANIES
9 REINSURANCE COMPANIES
1 GUARANTEE INSURANCE COMPANIES
5 SINGLE-LINE INSURANCE COMPANIES
Nationwide
Commercial Banks
Regional
Banks
5 Specialised Banks3
62 Credit
Specialised
Financial
Companies
8 CREDIT CARDS COMPANIES | 27 LEASING COMPANIES
19 INSTALLMENT FINANCIAL COMPANIES
12 NEW TECHNOLOGY VENTURE CAPITAL COMPANIES
FINANCIAL
INVESTMENT
SERVICES
COMPANIES
AGRICULTURAL,
FISHERY &
FORESTRY
CREDIT
COOPERATIVES
1390
371
62 SECURITIES COMPANIES | 85 ASSET MANAGEMENT COMPANIES
157 INVESTMENT ADVISORY COMPANIES | 7 FUTURES COMPANIES
1 MERCHANT BANKS | 3 MONEY/FOREIGN EXCHANGE BROKERAGE COMPANIES
33 CORPORATE RESTRUCTURING FUNDS | 33 CR-REITs
12
FINANCIAL HOLDING
COMPANIES
Notes:
1. Based on authorisation, including foreign financial institutions' branches
2. Based on the number of banks
3. Korea Development Bank, Export-Import Bank of Korea, Industrial Bank of Korea, NongHyup Bank, and National Federation of Fisheries Cooperatives
20
Foreign Bank
Branches2
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
Why Gangwon: Korean Financial Market
The global Islamic
finance industry
Others (North America
and Europe), US$ billion
Banking assets (59.8)
Sukuk outstanding (1.0)
Islamic funds (10.8)
Takaful assets (0.0)
Total assets (71.6)
The Islamic financial services
industry has evolved in the
aftermath of the financial crisis
to provide alternative means
of financial intermediation and
a more diversified platform for
allocating investible funds.
Islamic finance assets were
estimated at US$1.6 trillion1 as
at end-2013, a growth rate of
20.4% year-on-year. Between
2008 and 2013, Islamic
finance assets have grown at
a CGAR of 19.5% per annum.
Market consensus is that total
Islamic financial assets will
reach US$6.5 trillion by 2020.
MENA (ex-GCC 2 ), US$ billion
Banking assets (590.6)
Sukuk outstanding (1.7)
Islamic funds (0.2)
Takaful assets (6.9)
Total assets (599.4)
Sub-Saharan Africa,
US$ billion
Global Islamic
Finance Jurisdictions
Mainstream relevance
Niche presence
Notes:
1. The estimated size of the global Islamic
finance as at end-2012 varies from US$1.2
trillion to US$1.6 trillion, depending on the
reference sources
2. GCC refers to the Gulf Cooperation Council
countries
Engaging with regulators
Banking assets (16.9)
Sukuk outstanding (0.1)
Islamic funds (1.6)
Takaful assets (0.4)
Total assets (19.0)
Conceptual exploration
Source: KFH, "Overview of the Islamic Financial
Landscape: Globally and in Europe" (April 2013)
Total global Islamic
finance assets (2012)
= US$1.6 trillion
*Collection of infographs from the 9th WIEF
Delegates Brief Pack
GCC 2, US$ billion
Banking assets (434.5)
Sukuk outstanding (66.3)
Islamic funds (28.9)
Takaful assets (7.2)
Total assets (536.9)
Asia, US$ billion
Banking assets (171.8)
Sukuk outstanding (160.3)
Islamic funds (22.6)
Takaful assets (2.7)
Total assets (357.4)
21
Why Gangwon: Tourism
The Republic of Korea is a country in East Asia. The name of Korea is
derived from the Kingdom of Goguryeo (also spelt as Koryo), the first
Korean dynasty visited by Persian merchants who referred to Koryo as
Korea. It shares land borders with North Korea to the north, and oversea
borders with China to the west and Japan to the east.
People
Republic of Korea is a very
homogeneous country, with nearly all
native residents identifying themselves
as ethnically Korean and speaking
the Korean language. Republic of
Korea's large and growing economy
has attracted people from all over the
world and Seoul's status as a leading
financial center has brought many
financial workers from North America,
Europe and Japan. Today, over one
million foreigners reside in Republic of
Korea.
22
Culture
Republic of Korea shares its traditional
culture with North Korea, but the
two Koreas have developed distinct
contemporary forms of culture since
the peninsula was divided in 1945.
Historically, while the culture of Korea
has been heavily influenced by that of
neighboring China, it has nevertheless
managed to develop a unique cultural
identity. The Hanbok, for example,
is the traditional Korean dress.
Although the term literally means
"Korean clothing", hanbok today
often refers specifically to hanbok
of the Joseon (Choson) period and
is worn as semi-formal or formal
wear during traditional festivals and
celebrations.
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
The industrialisation and
urbanisation of Republic of Korea
have brought many changes to
the way Korean people live, and
to their traditional culture. In recent
years, a phenomenon known as the
"Korean Wave" (or Hallyu) in which
the popularity of Republic of Korean
film, television, music, food and other
culture aspects has swept most of
Asia and many other parts of the world
has brought increased attention to the
country.
Food
Korean cuisine is becoming
increasingly popular outside of Korea.
Korean food is very distinct, mixing
spicy chillies and copious amounts
of garlic with delicate ingredients like
raw fish, and fermented vegetables
such as kimchi. A Korean meal is
centered around rice and soup and
likely a fish or meat dish, invariably
served with a vast assortment of
side dishes known as banchan. The
popular kimchi, made from fermented
cabbage and chili, accompanies
nearly every typical Korean meal. Two
more condiments found in almost
every dish are doenjang, a fermented
soybean paste akin to Japanese miso,
and gochujang, a spicy chilli paste.
While many of these dishes can be
found throughout Korea, every city also
has its own regional specialty including
Gangwon.
Natural Attractions
Republic of Korea has a vast array
of beautiful mountains and national
parks, with some of the best ones
located in Gangwon. Seorak-san
National Park (1,708 m), and Odaesan National Park (1,563 m) with
its ski run, attract a large number
of national tourists. Both are
located in the Taebaek Mountains.
Republic of Korea’s largest limestone
cave, Hwanseongul, receives over
one million visitors a year.
Skiing is a popular activity in
Gangwon during winter, and
certainly a central attraction during
the WIEF Pyeongchang Roundtable
in December. Winter begins in
Korea in early December and last
until early March. Skiing on snowcovered hills and fields is the pride of
Gangwon. With the recent increase
of international tourists visiting
Gangwon, many resorts host snow
festivals specifically designed for
non-Korean winter vacationers.
23
Why Gangwon: Halal
An untapped Halal market
The Global Halal Industry is a USD2.3 trillion market, with huge opportunities for global and regional players in livestock, food
distribution, logistics and halal certification agencies. South Korea has made a major step into the halal industry, with Gangwon
poised to establish a halal food hub to attract investors and tourists from Southeast Asia and the Middle East.
The Halal Market
This single biggest market in the world has been largely overlooked. By 2050, the Muslim population could grow to 2.6 billion
and represent nearly 30 percent of the global projected population. However, the Halal market is not confined to Muslims only.
It is also attractive to Non-Muslims who are supportive of the Halal aspects.
World Muslim Population
1.8
2.2
billion
billion
Year
2012
2030
30% of total world population
3.5% increase
26.4% of total world population
2.6
billion
2050
Muslim Population by Country
INDONESIA
205 million
PAKISTAN
178 million
INDIA
177 million
BANGLADESH
149 million
EGYPT
80 million
TURKEY
75 million
CHINA
23 million
RUSSIA
16 million
PHILIPPINES
5 million
FRANCE
5 million
GERMANY
4 million
UNITED KINGDOM
3 million
Source: Fleishman-Hillard Majlis, “The next billion: The market opportunity of the Muslim world” (July 2012); PwC
24
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
Why Gangwon: Halal
The Halal Economy
Global Halal Market Value
US$2,300,000,000,000
Emerging Halal Markets
Halal Hotspots
150%
US$1,200,000,000,000
At the end of 2012,
the assets compliant
with Islamic banking’s
Shariah Law topped
US$1.2 trillion
Islamic Finance
2012
2006
Since 2006,
the total value
of Shariah-compliant
assets has grown
by 150%
Note: Figures stated only represent key segments (e.g. food) according to current conventions.
The overall market potential will be much larger if we include other sectors that have yet to be quantified.
Source: Fleishman-Hillard Majlis, “The next billion: The market opportunity of the Muslim world” (July 2012) and PwC, “Islamic finance, Creating value” (June 2013)
25
About the
Organisers
WIEF Foundation
Gangwon Provincial Government
26
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
About WIEF Foundation
The World Islamic
Economic Forum (WIEF)
Foundation, established
in 2006, is the organising
body of the annual
World Islamic Economic
Forum. The Forum serves
as a focal point where
country leaders, captains
of industry, emerging
entrepreneurs, academics
and other stakeholders
from the Muslim World
and beyond, meet to build
bridges through business.
The Foundation also
undertakes various capacity
building programmes under
the WIEF initiatives of the
Businesswomen Network
(WBN), Young Leaders
Network (WYN), Education
Trust (WET) and Roundtable
Series.
PATRON
FOUNDER PATRON
HONORARY MEMBER
DATO’ SRI MOHD NAJIB
TUN ABDUL RAZAK
TUN ABDULLAH
AHMAD BADAWI
DR AHMED
MOHAMED ALI
Prime Minister of Malaysia
Former Prime Minister
of Malaysia
President of Islamic
Development Bank (IDB)
CHAIRMAN
TRUSTEE
TRUSTEE
TUN MUSA HITAM
TAN SRI DR WAN MOHD
ZAHID MOHD NOORDIN
DATO’ DR NORRAESAH
MOHAMAD
SECRETARY GENERAL
MANAGING DIRECTOR
TAN SRI AHMAD FUZI
BIN HJ. ABDUL RAZAK
DATUK SYED ABU BAKAR
ALMOHDZAR
27
About Gangwon Provincial Government
Gangwon Provincial Government is the seat of the local
provincial government of Gangwon, which assists the
national administration and coordinates the city & country’s
administrations to facilitate national and local projects in
Gangwon. Gangwon is located in the South Central region
in the peninsula, and holds 17 local authorities, arguably
the most extensive area of the Republic of Korea. Gangwon
is adjacent to the East Sea or “Donghae”, which makes
Gangwon an important gateway for Republic of Korea’s trade
with China, Russia, and Mongolia.
28
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
GOVERNOR
MOON-SOON CHOI
Governor of Gangwon
Republic of Korea
29
Other
Information
The Roundtable Series
Venue & Hotels
Useful Contacts
30
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
About the Roundtable Series
The WIEF Roundtable
Previous Roundtable Series
The WIEF Roundtable was
designed as a unique extension
of the WIEF Annual Forum. This
programme provided an avenue
where regional and local business
leaders could congregate to
leverage existing business and
economic strengths and define
key steps and measures to take
in order to transform a common
vision to reality.
1st Roundtable
Manama, Bahrain
6th Roundtable
London, United Kingdom
Date: 8 February, 2011
Sessions:
1.Islamic Trade & Finance: The Way
Ahead
2.The Future of Islamic Finance and
Trade Date: 3 October 2012
Sessions:
1.Challenges and Opportunities to
Doing Business with the Muslim
World
2.Eurozone Crisis: Lessons for the
Muslim World
2nd Roundtable
Istanbul, Turkey
Since its launch in Bahrain
in February 2011, the WIEF
Foundation had organised
similar Roundtables in Istanbul,
Moscow, Johannesburg,
Dhaka, Madinah, London and
Jakarta that addressed specific
economic and business issues.
The WIEF Roundtable had
received overwhelming response
and support from government
leaders, business communities,
and the media of the respective
countries.
Due to the runaway success
enjoyed by the programme, the
WIEF Foundation plans to hold
more Roundtables in the future.
Plans are afoot to hold similar
programmes in Morocco, Spain,
Japan, China and Australia.
Date: 17 March, 2011
Sessions:
1.Business Opportunities in
Kazakhstan
2.Empowering SMEs in Far
Eastern Markets & Impacts of
Globalisation of SMEs
3rd Roundtable
Moscow, Russia
Date: 13 April, 2011
Sessions:
1.Business Opportunities in Halal
Industry
2.Islamic Banking and Finance:
Seeking New Markets
7th Roundtable
Madinah, Saudi Arabia
Date: 17 April 2013
Sessions:
1.Promoting Growth Through Public
Private Partnership (PPP): Global
Lessons
2.Ethics and Corporate
Governance: The Moral Compass
of Businesses
8th Roundtable
Istanbul, Turkey
Date: 20 May 2014
Session:
1.Transforming Islamic Finance in
Turkey: Promise of Growth
4th Roundtable
Johannesburg, South Africa
9th Roundtable
Jakarta, Indonesia
Date: 18 October, 2011
Sessions:
1.The Challenges of Development
in Africa
2.Islamic Trade & Finance:
Prospects for Growth in Africa
Date: 5 June 2014
Sessions:
1.Islamic Philanthropy - Role of
Waqf in Poverty Alleviation and
Socio Economic Development
2.Management Challenges of
Awqaf Assets
3.Traditional and Contemporary
Financing and Investment in Waqf
Assets
4.Awqaf Development - The Way
Forward
5th Roundtable
Dhaka, Bangladesh
Date: 20 March, 2012
Sessions:
1.Regional Cooperation to Combat
Climate Change: The Way
Forward
2.Islamic Micro Finance: An
Instrument for Poverty Alleviation
3.Private Higher Education: Creating
World Class Institutions through
Regional Cooperation
31
Venue & Hotels
The venue of the WIEF Pyeongchang
Roundtable 2014 is a self-sustaining city
equipped with a state-of-the-art convention
centre a cluster of world-class hotels in its
vicinity, winter games facilities and a stunning
golf course for business delegates.
Alpensia
Convention Centre
32
The Alpensia Convention Centre is Korea’s top conference facility that can
accommodate 2,500 guests. Linked with the Holiday Inn Resort Alpensia
Pyeongchang, the Alpensia Convention Centre is one of the best business-friendly
resorts where you can attend conferences accompanied by family members.
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
Intercontinental Resort Hotel
InterContinental Alpensia Pyeongchang Resort Hotel is the third InterContinental Hotel in Korea and the first
5-star hotel built in a resort. With the accommodation capacity of 238 rooms, the hotel has a top-class spa,
club, lounge, and facilities for various events.
Holiday Inn Resort
Holiday Inn Resort Alpensia Pyeongchang is a five star hotel
specialized for business and family/children’s needs. With a
total of 214 guest rooms varying from Korean traditional style
rooms such as ondol guest rooms, spa-specialized guest
rooms to guest rooms furnished with children’s play areas.
The hotel is interconnected with Alpensia Convention Centre.
Holiday Inn & Suites
The European complex of condominiums of
the Holiday Inn & Suites are located at center
of Alpensia Town. The complex consists of the
2nd to 7th floor of low-rise buildings, which have
luxurious retail shops on the ground floor and
rooms above the 2nd floor.
33
Useful Contacts
Hotels and Convention Centre
(Alpensia Convention Centre, Holiday Inn
Resort, Intercontinental Resort Hotel and
Holiday Inn & Suites)
325, Solbong-ro, Daegwallyeong-Myeon
Pyeongchang-gun, Gangwon
Korea 232-952
Guest Service Centre
+82 (0) 33 339 0000
Convention Centre
+82 (0) 33 339 1030~3
www.alpensia.com
WIEF Foundation
Gangwon Provincial Government
A-9-1, Level 9, Hampshire Place Office
157 Hampshire Place
No. 1 Jalan Mayang Sari
50450 Kuala Lumpur, Malaysia
1 Jungang-ro, Chuncheon-si Gangwon-do
200-700 Republic of Korea
Global Business Bureau
Fazil Irwan
Hee-won Moon
Seong-Hun Kim
Mobile
+6017 622 1088
Direct line
+82 (33) 539 7691
Direct line
+82 (33) 249 3414
Email
[email protected]
Mobile
+8210 4540 6334
Mobile
+8210 7345 6800
Unjoo An
Email
[email protected]
Email
[email protected]
Fax
+82 33 535 8361
Fax
+82 33 249 4011
Gun-ja Choi
In-jae Yun
Direct line
+82 (33) 249 2097
Direct line
+82 (33) 249 2183
Mobile
+8210 2940 3310
Mobile
+8210 5440 4951
Email
[email protected]
Email
[email protected]
Fax
+82 33 249 4011
Fax
+82 33 249 4011
Mobile
+6018 397 9601
Email
[email protected]
Telephone
+60 (3) 2163 5500
www.10thwief.org
www.wief.org
34
WIEF PYEONGCHANG ROUNDTABLE | GANGWON, REPUBLIC OF KOREA
GANGWON, REPUBLIC OF KOREA
ALPENSIA CONVENTION CENTRE | 15-16 DECEMBER 2014
WIEF PYEONGCHANG ROUNDTABLE 2014
“Glocalising Korea”
REGISTRATION FORM
REGISTRATION FEE: USD250 FOR 2 DAYS
(Registration fee covers: 3 Dialogue Sessions, Business Matchmaking Service, Networking Lunch, Official Dinner,
Cultural Performances, Tour Services and Industrial Visit.)
COMPANY DETAILS
COMPANY NAME
WEBSITE
ADDRESS
POSTCODE
COUNTRY
PHONE NUMBER
E-MAIL ADDRESS
INDUSTRY
FAX NUMBER
KEY PRODUCTS/SERVICES
(e.g: bonds and insurance, international distribution, freight management)
WIEF PYEONGCHANG ROUNDTABLE PROGRAMME
WHICH SESSIONS ARE YOU INTERESTED IN/WILL ATTEND? (YOU MAY ATTEND MORE THAN 1 SESSION)
Challenges and Opportunities of Financial Cooperation amongst Regions
Tourism and Korea’s food industry: Capturing the Muslim market
Investment opportunities in Gangwon’s property sector
WHICH TOUR OPTION WOULD YOU LIKE TO PARTICIPATE IN? (CHOOSE ONLY ONE)
Ski Experience in Alpensia Resort
EFEZ Tour & Korean Tea Ceremony “Dado”
None of the above
CONTACT DETAILS
(Contact details of the person in charge from your company)
NAME
DESIGNATION
E-MAIL ADDRESS
PHONE NUMBER
Upon your successful registration, we will be contacting you in due course to provide payment procedures and details.
Please fax, mail or email the completed registration form to:
Mr Fazil Irwan/Ms Unjoo An
WORLD ISLAMIC ECONOMIC FORUM FOUNDATION
A-9-1, LEVEL 9, HAMPSHIRE PLACE OFFICE, 157 HAMPSHIRE, NO 1 JALAN MAYANG SARI, 50450 KUALA LUMPUR, MALAYSIA
T: +603 2163 5500
F: +603 2163 5504
E: [email protected] or [email protected]
w: www.wief.org